Tribune Publishing Co. TPCO +2.82% stated it has appointed Randall Smith, the co-founder of Alden International Capital LLC, to its board, giving the hedge fund additional oversight of the newspaper firm and increasing a standstill settlement between them.
The WSJ earlier reported that both parties were in talks so as to add Mr. Smith to the board as a part of an settlement that may forestall Alden from making a hostile bid to purchase the remainder of the corporate. Tribune, like different native information publishers, has been hit laborious by the Covid-19 pandemic as advertisers pulled again on spending.
Alden, which Mr. Smith runs alongside Heath Freeman, is Tribune’s largest proprietor, with an almost 32% stake. It obtained two seats on the Chicago Tribune and Baltimore Solar writer’s board as a part of a settlement settlement final yr that established the standstill, which expired June 30. Alden’s two different board seats are held by Dana Goldsmith Needleman and Christopher Minnetian, and the addition of Mr. Smith expands the board measurement to seven members.
The brand new standstill settlement lasts till the corporate’s annual assembly in June 2021, Tribune stated.