BALTIMORE, MD — The Baltimore Sun is slated for acquisition by the Sunlight for All Institute, a new nonprofit organization created by Montgomery County businessman Stewart Bainum Jr.
Currently the Sun is owned by Tribune Publishing Company, which is headquartered in Chicago and runs several other publications across eight markets.
"Over the past year, the Company has taken a number of actions to adapt to an ever-changing business and industry environment, including the impact of COVID-19," Tribune Board Chair Philip G. Franklin said in a statement Tuesday. "These actions included strengthening the Company's financial position, driving digital growth and investing in high-quality content to better serve customers, employees and communities."
As a result of such positioning, Franklin said a special committee was able to negotiate a "premium, all-cash price" for a merger agreement.
Alden Global Capital announced Tuesday that it plans to close on a merger in which it will acquire all outstanding shares of Tribune Publishing in the second quarter of 2021. The New York-based hedge fund became the largest shareholder in Tribune Publishing in November 2019, according to the Associated Press.
The Baltimore Sun will not be folded into the hedge fund.
"Concurrent with the signing of the merger agreement, Alden has signed a non-binding term sheet to sell The Baltimore Sun to Sunlight for All Institute, a public charity formed by Stewart Bainum Jr.," according to the statement from Tribune Publishing.
Bainum, who was a Democratic state delegate in the Maryland General Assembly from 1979 to 1987, is the chair of Choice Hotels International. The Rockville-based hospitality company was founded by his late father, who also started the company HCR ManorCare.
The Capital Gazette of Annapolis, the Carroll County Times "and several other Baltimore-area weeklies and magazines" will be included in the sale to the Sunlight for All Institute, according to The Baltimore Sun.
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February 17, 2021 at 07:52AM
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Baltimore Sun To Be Sold To Nonprofit: Tribune Publishing Company - Patch.com
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