On a rough day for American newspapers, investors aren’t buying Gannett’s story and Tribune’s not done chopping
Today’s a rough day to root for American newspapers. In particular, for the country’s No. 1 and No. 3 newspaper chains.
(The No. 2 chain, McClatchy, declared bankruptcy two weeks ago today. No. 4, MNG Enterprises, is owned by Alden Global Capital, which is roughly two Infinity Stones short of killing off half of American journalism. And how are things with you?)
All of this bloodletting (and what’s left to come) is about June 30, the day that may well define the future of the Tribune, the rest of the company’s papers, or…hell, American newspapering as we know it, depending on how things shake out. That’s the day Alden Global Capital will contractually be able to increase its ownership of Tribune from 33 percent to something bigger. Like, say, 51 percent. (L.A. Times owner Patrick Soon-Shiong also gains the ability to expand his 25 percent Tribune share the same day.)
June 30 may be the critical day. Or maybe the money men will figure out an arrangement before then. Hell, there are two more full days left in February to hurt journalism — it’s a leap year, you know.