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Alden Global Capital to buy Tribune in $630 million deal

Alden Global Capital, a hedge fund known for cutting journalists at local papers to maximize profits, is buying out the remainder of Tribune Publishing, the parent company to the Chicago Tribune, New York Daily News and other local papers.

Driving the news: With the sale, the two companies also announced that The Baltimore Sun would be acquired by a nonprofit backed by a Maryland-based hotel billionaire.

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