Alden Global Capital, owner of the Chicago Tribune, has announced plans to acquire the Daily Herald newspaper, a prominent source of news in northwest suburban Illinois. The move is seen as part of Alden's strategy to expand its reach through cost-cutting measures and acquisitions.
In a full-page ad published in Sunday's Tribune, Alden's ownership group offered Paddock Publications, the parent company of the Daily Herald, the highest bid for the paper. According to sources close to the situation, Alden is willing to pay 30% more than any other potential buyer, with additional employment terms to secure the loyalty of Daily Herald employees.
However, not everyone is optimistic about a sale. Some speculate that Paddock might be approached by Crystal Lake-based Shaw Media, which owns several newspapers and radio stations in northern Illinois and Iowa. The company's papers have significant overlap with those of the Daily Herald, making this possible.
One thing is clear: Alden Global Capital is known for its aggressive approach to acquisitions, as well as its history of reducing costs through buyouts and layoffs at its various publications. This has not been a particularly successful strategy in the past, with shareholders rebuffing Alden's bid for the Dallas Morning News last year.
Furthermore, Alden's recent acquisition of the Daily Herald's printing plant in Schaumburg was necessary due to the sale of the former Tribune printing facility for $200 million in 2022. The old plant has since been demolished to make way for a Bally's casino, highlighting the complexities and challenges that come with Alden's business model.
It remains to be seen whether Paddock will accept Alden's offer, or if Shaw Media will enter the fray as a potential buyer. Whatever the outcome may be, one thing is certain: the future of the Daily Herald hangs in the balance.
In a full-page ad published in Sunday's Tribune, Alden's ownership group offered Paddock Publications, the parent company of the Daily Herald, the highest bid for the paper. According to sources close to the situation, Alden is willing to pay 30% more than any other potential buyer, with additional employment terms to secure the loyalty of Daily Herald employees.
However, not everyone is optimistic about a sale. Some speculate that Paddock might be approached by Crystal Lake-based Shaw Media, which owns several newspapers and radio stations in northern Illinois and Iowa. The company's papers have significant overlap with those of the Daily Herald, making this possible.
One thing is clear: Alden Global Capital is known for its aggressive approach to acquisitions, as well as its history of reducing costs through buyouts and layoffs at its various publications. This has not been a particularly successful strategy in the past, with shareholders rebuffing Alden's bid for the Dallas Morning News last year.
Furthermore, Alden's recent acquisition of the Daily Herald's printing plant in Schaumburg was necessary due to the sale of the former Tribune printing facility for $200 million in 2022. The old plant has since been demolished to make way for a Bally's casino, highlighting the complexities and challenges that come with Alden's business model.
It remains to be seen whether Paddock will accept Alden's offer, or if Shaw Media will enter the fray as a potential buyer. Whatever the outcome may be, one thing is certain: the future of the Daily Herald hangs in the balance.
. i mean, they've already had probs w/ dallas morning news & now they wanna just swoop in & buy daily herald too? that's like trying 2 put out a fire w/ a bucket of gasoline 
. also, what's w/ them tryna reduce costs thru layoffs n stuff? thats not how u build a loyal workforce 
. idk bout paddock publications tho, maybe they'll see through aldens BS & turn dwn da offer 
. fingers crossed 4 daily herald employees lol
It makes me wonder, is all this just about profit over people?
Those were the days, man! People actually cared about reading the news before their coffee 
️ Nowadays it's all just about the bottom line and cutting costs... I mean, what's wrong with a little transparency and local ownership? 
. But let's not forget that cost-cutting measures can have a negative impact on local communities, especially when it comes to journalism 
. I'm worried about the Daily Herald losing its independence and local flavor 
. Either way, it's crucial for the community to be informed and engaged in this decision-making process 
. I hope there are some checks and balances in place to ensure the Daily Herald remains a trusted source of news 
.
. We need local voices holding our leaders accountable, so fingers crossed that quality journalism won't be compromised 
so like aldens trying to buy the daily herald and i'm lowkey worried about what this means for the community in northwest subbies 
and then there's the thing about shaw media being a potential buyer which is just ugh let's not even get started 
i mean i love my daily herald as much as the next person but do we really want to be owned by the same ppl who own ballys casino in Schaumburg 
anyway stay tuned folks this one's gonna be a wild ride 
. They just seem to be looking for ways to squeeze out more cash without really thinking about the impact on the actual people who use these newspapers 
A newspaper that's been around for like, forever, and now it's just gonna be another cog in Alden's machine. I mean, what's next? The Chicago Sun-Times being sold off to some random company that doesn't care about journalism anymore?
Now it's just a bunch of soulless corporations trying to make a quick buck.