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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...