A coalition of wealthy business executives has put together an 11th-hour offer to buy the entire Tribune Publishing chain (including the Baltimore Sun and the Chicago Tribune) that a special committee of the Tribune’s board said Monday “would reasonably be expected” to beat out the offer from the hedge-fund that has been looking to buy the newspapers.
The duo then plans to sell many of the individual papers to local owners. This move is the culmination of years of despair from journalists and civic-minded organizers who have watched their local paper shrink under corporate consolidation and broader economic forces, only to be threatened by what to them seems like a death blow.
