Swiss Billionaire Pledges $100 Million to Save 173-Year-Old US Newspaper

Tribune's Hansj?rg Wiss Offers 113 Billion KRW to Prevent Hedge Fund Sale

▲Hansj?rg Wiss

[Asia Economy Reporter Kwon Jae-hee] Hans Jorg Wiss, a Swiss-American businessman who amassed wealth through the medical device business, is putting forward $100 million (approximately 113.2 billion KRW) to prevent Tribune, one of the three major American newspaper companies, from falling into the hands of a hedge fund. This move is interpreted as support for Choice Group, a mid-priced hotel chain currently competing against the hedge fund in the Tribune acquisition battle.

Tribune Publishing, one of the three major American newspaper companies with a 173-year history, originated from the comprehensive daily newspaper "Chicago Tribune," founded in 1947, and publishes over 40 newspapers and magazines including the New York Daily News, Baltimore Sun, Orlando Sentinel, and Florida Sun Sentinel.

However, recently, Tribune Publishing has been hit hard by digital transformation, declining sales, and the COVID-19 pandemic. Last month, Tribune Publishing signed a sales contract worth about $630 million (approximately 700 billion KRW) with New York hedge fund operator Alden Global Capital and is currently conducting final negotiations. For Alden to acquire ownership, at least two-thirds of Tribune shareholders excluding Alden (32%) must approve.

Earlier, Stuart Bainum Jr., chairman of Choice Group, entered the Tribune acquisition battle by offering $650 million (approximately 735.5 billion KRW). He plans to operate the newspaper as a community-serving publication through a nonprofit organization he runs. With billionaire Wiss also declaring a personal contribution, the Tribune acquisition battle is expected to become more complex.

Major foreign media reported, "Wiss's move is interpreted as support for Chairman Bainum," adding, "Wiss's interest will be a comfort to Tribune journalists who are fighting against the influx of financial capital."

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