As US newspapers slide towards abyss, a bidding war breaks out ...Middle East

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WASHINGTON: Even as US newspapers sink toward an abyss, an unusual bidding war has broken out for a major chain, pitting hedge fund operators against civic-minded billionaires seeking to promote a nonprofit model for the struggling industry.Tribune Publishing, which owns the Chicago Tribune, Baltimore Sun and other big regional dailies, was set to sell the company to Alden Global Capital at a value of $630 million, a move that would expand the news operations of the hedge fund with a reputation for aggressive cutting of newsroom staff.Maryland businessman Stewart Bainum had another idea: he initially struck a deal to buy the Baltimore Sun as part of the transaction, but when that plan hit a

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Last updated : 01 April 2021 clock 12:31 PM

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As US newspapers slide towards abyss, a bidding war breaks out ...Middle East

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