The transaction marks a 21% premium over Alden's first offer of $14.25 per share published last week. Additionally, it represents a 35% rise over the price of Tribune shares on Dec. 30, 2020, the final day before Alden's interest in acquiring the firm was announced. Tribune shares finished at $15.97 on Tuesday, up 2 cents for the day, but surged to over $18 in after-hours trade. The transaction was accepted by Tribune board members on the suggestion of a special committee constituted to review Alden's offer. It is planned to conclude in the second quarter of 2021 and is subject to approval by shareholders owning at least two-thirds of Tribune stock not owned by Alden.
When asked about Alden's view of the business, Jim Brady, a former senior editor at Digital First Media, says the hedge fund views newspapers as transient cash cows. Brady says that if Alden execs have any other suggestions, he had no clue what they are. Smith's oldest son, Caleb, once recalled the following anecdote in D Magazine: When Caleb inquired as to why his father worked, Smith said, âIt's a game and I like it.â How would he be able to tell who won the game? Caleb inquired. âWhoever dies with the greatest money,â his father said.
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Mr. Freeman, according to those who have dealt with him, demonstrates no nostalgia when it comes to managing Alden's assets and makes judgments exclusively on the basis of the figures.
Even before to the pandemic, the newspaper industry's figures were gloomy. Annual advertising income fell by 70%, or $34 billion, between 2005 and 2018, according to Pew Research Center estimates.
