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Hedge fund Alden buys San Diego Union-Tribune from LA Times

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The San Diego Union-Tribune, the sister paper to the LA Times, has been sold to MediaNews Group, which is owned by hedge fund Alden Global Capital, the owner of hundreds of newspapers around the US, according to a report by Associated Press.

The move comes after the LA Times said last month that due to financial difficulties it would have to cut as least 13% of its newsroom staff, amounting to at least 74 jobs. Alden meanwhile has faced criticism for cutting both budgets and headcount at many of the newspapers it has bought, and its latest acquisition is facing cuts too, according to Sharon Ryan, executive vice president of California for MediaNews Group.

In an email to employees Ryan wrote that cutbacks would be needed to “offset the slowdown in revenues as economic headwinds continue to impact the media industry”, adding that efforts would be made to make cuts away from newsroom.

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