Two local foundations, a former county executive and a NewsGuild chapter are trying to put together a bid to buy The Baltimore Sun out from Tribune Publishing.
The effort has some urgency. Alden Global Capital owns a third of Tribune Publishing stock and appears to be exerting pressure to slash costs. Alden’s “standstill” agreement not to buy more Tribune shares expires in June.
Locals made a run at buying The Sun a decade ago — but never got any indication that Tribune, then controlled by real estate czar Sam Zell, would even entertain an offer.
Zell also rebuffed potential local suitors for the Los Angeles Times. But his successor regime at Tribune, led by tech entrepreneur Michael Ferro, did sell the Times to Dr. Patrick Soon-Shiong for $500 million in June 2018.
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