MediaNews Group came out of bankruptcy in March 2010 under the majority ownership of its lenders. Senior lenders under the deal were to swap debt for stock. Under the acquisition plan, MediaNews Group debt fell to $165 million from about $930 million. Smith & Company, a firm founded by Randall Duncan Smith, initially using the $20,000 cash prize he and his wife won on the 1968-1970 gameshow Dream House.
2.4 Attempted acquisition of Lee Enterprises. In March 2018, Margaret Sullivan, the media columnist for The Washington Post, called Alden "one of the most ruthless of the corporate strip-miners seemingly intent on destroying local journalism." and Vanity Fair dubbed Alden the "grim reaper of American newspapers." Īlden received critical coverage from the editorial staff at the Denver Post, who described Alden Global Capital as "vulture capitalists" after multiple staff layoffs. Īlden has a reputation for sharply cutting costs by reducing the number of journalists working on its newspapers. Paul Pioneer Press, the Boston Herald, The Mercury News of San Jose, the East Bay Times, The Orange County Register, and the Orlando Sentinel. Newspapers in Alden's portfolio include the Chicago Tribune, The Denver Post, the St. Lee owns daily newspapers in 77 markets in 26 states, and about 350 weekly and specialty publications. In November 2021, Alden Global Capital made an offer to purchase Lee Enterprises for $24 a share in cash, or about $141 million. With its acquisition of Tribune Publishing in late May 2021, Alden is collectively the second-largest owner of newspapers in the United States, as calculated by average daily print circulation, second only to Gannett. The company operates its media holdings through Digital First Media (DFM), which it acquired in 2010 after DMG's parent company, MediaNews Group, declared bankruptcy. 
The company added more newspapers to its portfolio in May 2021 when it purchased Tribune Publishing and became the second-largest newspaper publisher in the United States.
By mid-2020, Alden had stakes in roughly two hundred American newspapers. Alden Global Capital is a hedge fund based in Manhattan, New York City.
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