New York hedge fund Alden Global Capital — one of 32 investors that acquired the Philadelphia Inquirer and Daily News in 2010 — wants to unload its stake in the newspapers’ parent company, according to the New York Post. A spokesman for the papers tells the Philadelphia Inquirer’s Mike Armstrong: “It would not be appropriate for Philadelphia Media Network to comment on a decision that Alden Global is making about their business.” Armstrong writes:
Private companies do not have to disclose when major shareholders increase or decrease ownership stakes. But such activity often occurs. And in general, a single minority shareholder controls only its shares and cannot, by itself, force an entire private company to be sold.
Meanwhile, the New York Times points out today that investors acquired newspapers in several major U.S. cities in the second half of 2011, including San Diego, Omaha and Chicago. Alden bought Journal Register Co. last July.