We are just two weeks away from the trigger date for the majority of Tribune Publishing to be put into play. The future of major regional papers — including the Chicago Tribune and The Baltimore Sun — hangs in the balance.

As has been reported widely, Alden Global Capital owns 32% of Tribune Publishing stock. Alden gained two seats on an eight-person board in November and appears to have been exerting its influence in a series of pay and job cuts and several executive departures.

Under a standstill agreement, Alden cannot increase its stock holdings until after June 30. Then the door opens to Alden’s taking full control or forcing a sale.

What has received less attention is that one other person could determine the outcome. Dr. Patrick Soon-Shiong, who bought the Los Angeles Times from Tribune for $500 million in February 2018, also retains just under 25% of Tribune stock. He too is under a standstill agreement not to do anything with the stock before the end of the month.

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