Tribune workers ask board to support journalism
Unionized newsroom employees at the Chicago Tribune and other newspapers in its corporate family Wednesday asked the company’s board to reaffirm its commitment to journalism after the sale of a major stake to a hedge fund known for slashing editorial jobs.
The petition, signed by more than 430 people working in Chicago and five other U.S. markets, also asks the board to consider offers to buy its newspapers from local or “civic-minded’’ groups.
The move follows the acquisition of a 32% stake in Tribune Publishing by Alden Global Capital, known for gutting newsrooms at other papers it has acquired. The New York-based hedge fund has been accused of squeezing cash from its media properties to use in other ventures.
“Once they acquire a newspaper, they slash staff and raise prices and leave it wounded on the side of the road,” said Charles Johnson, home page editor at the Chicago Tribune. He said the editorial staff views Alden’s stake as “an existential threat.” Citing a need for continued investments in journalism, Johnson said of Alden, “This is not who should be owning newspapers in 2019.”
A spokesman for Tribune Publishing could not immediately be reached. Alden, controlled by Heath Freeman, did not immediately respond to a message.
The petition was delivered to the board Wednesday as part of negotiations for a first labor contract with five bargaining units at Tribune Publishing. The employees are members of the NewsGuild, a labor union that has made substantial inroads at the company. Chicago Tribune journalists became unionized in 2018 as part of the union’s local, the Chicago News Guild, which also represents editorial employees at the Sun-Times.
Alden said last month it had acquired most of its stake from Michael Ferro Jr., former Tribune Publishing chairman, who exited the business. In becoming the leading shareholder, it has gotten two seats on the company’s board, which expanded to eight members from six. But Alden signed a so-called standstill agreement that limits its influence over company affairs through June 30, 2020.