Tribune shareholders vote to approve Alden takeover

Between the lines: Journalists have been pleading with their communities to find a buyer to save the papers.

• A last-minute bid from a hotel magnate almost derailed the Alden deal, but ultimately fell apart when the suitor couldn’t pull together enough cash to compete with Alden.
• Unions representing journalists at many of Tribune's newspapers issued a statement on Friday expressing frustration that the shareholders had "voted to put profit and greed over local news in our country."

The big picture: Local newspapers have struggled to find their footing in the internet era, leading to dramatic consolidation. Hedge firms and private equity companies are increasingly consolidating local titles to cut costs for profit.