• by Ray Schultz , August 11, 2021

The drama of Alden Global Capital’s takeover of Tribune Publishing won’t quit — even months after the $633 million deal was closed. 

On Tuesday, it was announced the Chicago Tribune’s editor-in-chief is stepping down and a new editor has been named. 

That same day, Poynter reported hotel billionaire Stewart Bainum Jr., who was defeated in his effort to acquire Tribune Publishing with a $680 million bid, is now advertising for mid-level executives to launch a news product that would compete against Tribune Publishing’s Baltimore Sun.  

In the Chicago news, Colin McMahon is leaving his post as editor-in-chief and will be replaced by Mitch Pugh, formerly executive editor of The Post and Courier in South Carolina, who assumes command on Aug. 30. 

The change comes during a period of instability at the Tribune: Over 40 journalists have accepted voluntary buyouts, according to the paper. And now the editor is leaving. 

”After a dozen years in leadership roles throwing myself at this goal — including the last 18 months of unprecedented challenges — I feel it’s time to move on,” McMahon told employees in a memo Tuesday. 

McMahon, who started as a copy boy at the paper, added: “As we enter a new era at Tribune, I believe the newsroom will benefit from an injection of new energy and commitment.”  

Pugh is dedicated to "watchdog and accountability journalism."

Separately, in Baltimore, Bainum is working with The Lenfest Institute and Bloomberg in different roles to create a “new paradigm for digital first, cross-channel local media,” according to an ad for a Chief Product Officer. 

The new entity’s content will extend “across web, mobile (app), radio (terrestrial and satellite) and video (TV and digital). Their vision is to be the leading provider of news and lifestyle content in the Baltimore area.”

Bloomberg would not have an investment role, but would loan staff for product and tech design, according to Poynter. 

Other positions open are vice president of technology strategy and operations; vice president of analytics; head of audience development; head of brand marketing; and head of social media, Poynter writes. 

A deal for Bainum to acquire The Baltimore Sun from Alden also fell through prior to the Tribune Publishing purchase.