Tribune shareholders vote to sell legendary chain of newspapers to a hedge fund

Two private equity firms bought the company out of bankruptcy in 2012: Oaktree Capital Management and Angelo, Gordon & Co., along with the investment bank JPMorgan Chase. Those firms deepened the newspapers’ predicament by separating the papers from the more profitable TV stations, websites and real estate holdings. In 2016, as the company fended off a bid from Gannett, Soon-Shiong took a stake in Tribune. He and Chicago entrepreneur Michael Ferro, the largest shareholder in Tribune Publishing, briefly aligned in an effort to keep Tribune independent.