Alden Global Capital, which acquired Tribune Publishing for $630 million in 2021, is in acquisition mode again—this time, purchasing the Paddock Printing Center in Schaumburg, Illinois, via a subsidiary, Twenty Lake Holdings.
The seller was Paddock Publishing, publisher of the Daily Herald. The terms were not disclosed.
The two sides have agreed to a long-term contract for Tribune Publishing to print and distribute the local Daily Herald at the plant.
Paddock Printing is a 160,000 square-foot facility on the Elgin-O’Hare Expressway, according to the Daily Herald.
The Chicago Tribune’s current printing plant. The Freedom Center, was sold earlier this month and will be replaced in that spot by a Bally’s Casino.
"Because of our diversification strategy, Paddock is among the few newspaper-based companies dealing successfully with the industry's digital transformation," says Doug Ray, publisher, CEO and chairman of the Daily Herald.
Ray adds, "This sale allows us to invest in content in all of our products and the marketing needs of advertisers and service to our subscribers."