Returning The Baltimore Sun to Maryland hands, the state’s largest newspaper and its affiliates are poised to be acquired by a nonprofit formed by businessman and philanthropist Stewart Bainum Jr. that would operate the media organization for the benefit of the community.
The sale would be part of a $630 million deal announced late Tuesday for Alden Global Capital to acquire full control of Tribune Publishing, which also publishes The Chicago Tribune, the New York Daily News and other major newspapers.
As part of the acquisition, the nonprofit Sunlight for All Institute would acquire The Baltimore Sun, the Capital Gazette papers in Annapolis, the Carroll County Times and several other Baltimore-area weeklies and magazines, as well as the affiliated online properties.
”This is great news for the future of local media, and ensuring key reporting and transparency into the future,” said Maryland Senate President Bill Ferguson, a Baltimore Democrat.
The Alden-Tribune deal is not yet done, needing the approval of Tribune Publishing’s shareholders.
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In its announcement, Tribune Publishing said Alden signed a “nonbinding term sheet” to sell The Sun to the nonprofit established by Bainum. Those terms were not disclosed. The Sun deal is contingent on the Alden-Tribune deal going forward.