Hedge Fund Buys Newspaper Publisher

Jul 15 2011 | 11:40am ET

Alden Global Capital has developed quite the taste for newsprint and inky fingers.

The hedge fund has purchased the Journal Register Co., publisher of more than 100 newspapers and magazines in 10 states. Among the boradsheets owned by Journal Register are the New Haven Register in Connecticut, The Oakland Press in suburban Detroit, The Trentonian in Trenton, N.J., and two newspapers in the Albany, N.Y., area.

Terms of the deal were not disclosed. Alden has been an investor in Yardley, Pa.-based Journal Register since its 2009 bankruptcy filing.

"They know what we do, they like what we do, and today they are putting their money behind our efforts," Journal Register CEO John Paton said, calling the purchase a "ringing endorsement" of the company's digital-heavy strategy.

"Alden knows the media space well and has other newspaper company investments," Paton said. Indeed they do: The hedge fund helped finance the purchase of Philadelphia's two major newspapers last year and is a major investor in MediaNews Group, one of the largest newspaper publishers in the U.S.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…