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January 29, 2021

Tong targets hedge fund seeking to buy Hartford Courant parent

HBJ Photo | Joe Cooper The Hartford Courant's former headquarters at 285 Broad St.

Attorney General William Tong hinted at antitrust actions against a hedge fund with plans to buy the parent company of Hartford Courant, the state capital’s newspaper. 

Tong said Thursday that he wrote a letter seeking more information from the hedge fund, Alden Global Capital, with an eye for “potential competitive ramifications” arising from the purchase of Tribune Publishing.
 
“I am deeply troubled by the reports that Alden Global Capital, a hedge fund with a history of decimating newspapers across the country, may be poised to take complete control of The Hartford Courant,” Tong said. Alden acquired a third of Tribune Publishing in 2019 and has since made deep cuts at the Courant and other news operations at the company. In December, Alden made a bid to take full control of Tribune in a deal that values the company at $520.6 million.

Photo | Office of Attorney General William Tong
Attorney General William Tong.

Tong said he wanted more information about Alden’s plans for Tribune’s news operations and any plans for selling or closing its news outlets.
 
“I am concerned that the proposed acquisition may negatively impact the cost and quality of services provided by Tribune companies as well as the diversity of news reporting and editorial content in Connecticut,” Tong said. 

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