Hedger Pausing On Print

30 Jan

From the New York Post, Jan. 30, 2012:

Reclusive Randy Smith’s Alden Global has been building a national newspaper empire, but after suffering some losses he may be looking to recycle that idea.

Smith last fall bought a roughly 30 percent share of the Philadelphia Inquirer and the Philadelphia Daily News and the expectation was he would build on that stake.

But the owners of the Philadelphia Media Network are now in the middle of an auction to sell it for roughly $100 million, and Smith so far is on the sellers’ side of the table, showing no indication he or Alden will be a buyer, a source close to the situation said.

>snip<

Smith is also the largest shareholder in Gannett and controls MediaNews, owner of the Denver Post and San Jose Mercury News.

>MORE

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