Dwindling dominance results in privatization in 2021
Following years of financial struggle, and a shift from Tronc back to Tribune Publishing, the company was purchased by Alden Global Capital, a New York hedge fund, which rendered the company private. Alden, which first purchased a 32% stake in Tribune in 2020 completed the purchase in May 2021; subsequently, the company cut about 10% of its newsroom (118 positions).
Labor|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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