Alden Global Capital

Alden Global Capital is a hedge fund based in New York City, specializing in distressed assets and media investments. Founded in 2007 by Randall D. Smith, the firm operates as a division of Smith Management LLC. Its managing director is Heath Freeman. By mid-2020, Alden had stakes in approximately 200 American newspapers. In May 2021, the company expanded its portfolio by acquiring Tribune Publishing, becoming the second-largest newspaper publisher in the United States. The firm manages its media holdings through Digital First Media, which it acquired in 2010 after MediaNews Group declared bankruptcy. This acquisition included several major newspapers, such as the Chicago Tribune, The Denver Post, and the St. Paul Pioneer Press. In November 2021, Alden made an offer to purchase Lee Enterprises for $24 per share in cash, valuing the company at about $141 million. Lee Enterprises owns daily newspapers in 77 markets across 26 states, along with approximately 350 weekly and specialty publications. Alden's portfolio also includes The Boston Herald, The Mercury News, East Bay Times, The Orange County Register, and the Orlando Sentinel. The firm's management of these media assets has been subject to criticism for cost-cutting measures, including reducing the number of journalists, leading to concerns about the impact on local journalism. In addition to its media investments, Alden Global Capital has a real estate division called Twenty Lake Holdings, which focuses on acquiring excess real estate from newspapers. As of 2019, Twenty Lake Holdings had acquired about 180 properties with 2.3 million square feet of real estate across 29 states. In December 2022, the division acquired the remaining 33 bus stations owned by Greyhound Lines, subsequently selling the properties for real estate development after closing the stations. The firm's investment approach emphasizes long-term holdings, operational excellence, and disciplined underwriting, aiming to create value through steady operations and targeted capital improvements. Alden Global Capital is headquartered at 34th Floor 885 Third Avenue New York, NY 10022. For inquiries, they can be contacted via email at investorrelations@aldenglobal.com or by phone at 212-888-5500. Their official website is https://www.aldenglobal.com.