It’s a holding pattern of sorts in two stories the industry has closely watched involving Tribune Publishing and McClatchy Co.
Tribune Publishing has a new arrangement with its largest shareholder, hedge fund Alden Global Capital, the Chicago Tribune reported.
The deal extends an ownership standstill agreement until next year and adds Randall Smith to the company’s board. Smith is the New York-based hedge fund’s co-founder. The changes were approved at a special board meeting Wednesday.
With Smith, Alden has three seats on the seven-member board.
With the new deal, Alden’s stake will stay fixed at 33% until after Tribune Publishing’s next annual shareholder meeting, which can happen no later than June 15, 2021, a company spokesman said and the Chicago Tribune reported.
The complete agreement between Tribune Publishing and Alden is included in a Form 8-K to be filed with the SEC.