Journalists at different Tribune papers, which embody The Chicago Tribune and The Day by day Information, have resisted the potential sale to Alden ever because the New York hedge fund revealed in November 2019 that it had purchased almost one-third of Tribune shares. Two Chicago Tribune investigative reporters wrote letters to civic luminaries urging them to purchase the paper. Different journalists throughout the nation began campaigns much like the Save Our Solar effort.
They wished to be saved from Alden, whose sport plan at newspapers it owns by way of a subsidiary, MediaNews Group, entails reducing prices, together with by shedding journalists, to keep up revenue margins. Alden says it’s occupied with blazing a sustainable path for native journalism. Critics say the hedge fund treats newspapers as in the event that they have been widgets.
“Journalism’s function in democracy is extremely necessary to Stewart,” mentioned Michael Rosenbaum, a Baltimore entrepreneur who has spoken about The Solar to Mr. Bainum, an investor in his human-resources analytics firm.
Alden’s deal to take full possession of Tribune Publishing requires approval by the corporate’s shareholders, and the deal to promote The Solar and the opposite Maryland papers is “nonbinding,” Tribune Publishing mentioned. As a part of the acquisition, Mr. Bainum’s nonprofit would additionally tackle The Capital Gazette in Annapolis and The Carroll County Occasions.
“He appears to have the perfect pursuits of Baltimore and Maryland at coronary heart,” mentioned Liz Bowie, a Solar veteran of three a long time and co-chair of its unit of the NewsGuild union. “I consider a brand new proprietor, a neighborhood proprietor, will make investments our earnings again into the paper, which is able to permit us to do higher work.”
The problem Mr. Bainum is most keen about, mentioned Mr. Maloney, his longtime buddy, is early-childhood schooling. The Bainum Household Basis web site explains its philosophy in sensible phrases: “Poverty in childhood, and particularly deep poverty in early childhood, is related to a broad vary of issues.”
“He is aware of his method round a spreadsheet,” Mr. Maloney mentioned. “He’s not about impractical or unsuccessful philanthropy. He’s compassionate, however very pragmatic. He needs his investments to work.”
Kitty Bennett contributed analysis.
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