Hedge fund buys Press Democrat and four other North Bay publications

Hedge fund Alden Capital's MediaNews Group is acquiring the Press Democrat newspaper and five other North Bay publications.
The purchase agreement, confirmed by the companies on Thursday, would add the Santa Rosa-based publication to Alden's dozens of newspaper holdings that include the Mercury News, East Bay Times and San Diego Union-Tribune.
'We always believed that a viable, independent local press was vital to our North Bay community. We believe that the newspaper, its staff and most importantly the public will be best served under the stewardship of MediaNews Group, with the newspaper expertise and financial resources necessary to carry on our mission of delivering the highest-caliber local journalism for future North Bay generations,' said Darius Anderson, managing member of Sonoma Media Investments, in a statement.
The sale would honor the existing contract between the newspaper and the Pacific Media Workers Guild, the newsroom's union.
'We are honored to bring a newspaper of this quality into MediaNews Group,' said Frank Pine, executive editor of MediaNews Group, in a statement. 'We appreciate the importance of local news and information to the communities where we publish and are proud to expand our commitment to Northern California in the North Bay.'
The Press Democrat won a Pulitzer Prize in 2018 for its coverage of the Tubbs Fire.
The sale also includes the Sonoma Index-Tribune, Petaluma Argus-Courier, North Bay Business Journal, Sonoma magazine, Sonoma County Gazette and La Prensa Sonoma.
Hearst, owner of the Chronicle, was also reportedly a bidder for the newspapers.

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