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Hedge Fund Alden Global Capital Attempts Takeover of Gannett Newspaper Chain

Billing itself as a savior of newspapers, vulture hedge fund Alden Global Capital has made a $1.36 billion hostile takeover bid to acquire Gannett's chain of more than 100 local papers.

If successful, the move would make Alden's Digital First Media the largest newspaper chain in the country (in terms of circulation), while extending Alden's heavily criticized slash-and-burn strategy to hundreds of U.S. communities.

The NewsGuild, which represents workers at 12 Digital First newspapers, issued a statement Monday opposing the proposed takeover.

"A purchase of Gannett by Digital First Media would result in a dangerous loss of local reporting, more consolidation, and the strip-mining of Gannett's newspaper assets at a time when the industry demands owners who are committed to reinvestment in journalism and when citizens need local news coverage more than ever," the statement reads.

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