• by Ray Schultz , May 21, 2021

Despite protests and a potential rival bid, Tribune Publishing shareholders have voted in favor of Alden Capital Group’s purchase bid, The Chicago Tribune reports. 

The vote, held Friday morning, May 21, approved the $633 million purchase offer. The deal is expected to close by June 30.

Speculation had been rife that Los Angeles Times and San Diego Union-Tribune owner Patrick Soon-Shiong, the second-largest Tribune shareholder, who owns 23.7% of Tribune Publishing’s 36.9 million outstanding shares, would vote against the deal. The Chicago Sun-Times reports that a spokesperson said he refrained from voting.

The Sun-Times also said the decision took 11 minutes, without a debate.

However, Tribune Publishing officials confirmed that proxy ballots registered to Soon-Shiong had been submitted without the “abstain” box being checked, so those votes were tallied as a “yes” vote, reported the Chicago Tribune. Soon-Shiong is expected to collect about $150 million in the sale.

Hotel magnate Stewart Bainum did not succeed in putting together a group to purchase the Tribune properties. 

Newsroom staffers, fearing Alden’s reputation for making drastic cuts, protested in several cities last weekend.  

Alden is getting newspapers nationwide: Chicago Tribune, New York Daily News, Baltimore Sun, Hartford Courant;Orlando Sentinel South Florida Sun Sentinel, Capital Gazette in Annapolis, Maryland; The Morning Call in Allentown, Pennsylvania; Daily Press in Newport News, Virginia; and Virginian-Pilot in Norfolk, Virginia. 

Additional vote details were not immediately available.  

This story has been updated.