Bloomberg: A Hedge Fund Known for ‘Milking’ Newspapers Takes Aim at Gannett

by Gerry Smith

A few dozen newspaper employees staged a protest last May outside the New York City office of their owner — the hedge fund Alden Global Capital. Carrying signs that read “Invest or Sell Now,” the journalists chanted, “Hey Hey, Ho Ho, Alden Global’s got to go!”

Eight months later, Alden Global isn’t gone. In fact, the company wants to expand its newspaper empire even further: On Monday, it made a hostile bid to buy Gannett Co., owner of USA Today and many local newspapers, for $1.36 billion.

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