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Photo: Scott Olson/Getty Images

Shareholders for Tribune Publishing voted to approve a roughly $630 million takeover of its newspaper company by Alden Global Capital, a hedge fund known for cutting journalists at local papers to maximize profits.

Why it matters: A takeover almost certainly means job cuts at many of America’s most storied local papers, including The Chicago Tribune and The New York Daily News.

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.

Go deeper

GOP Rep. Gonzalez retires in face of Trump-backed primary

Ohio Rep. Anthony Gonzalez (R) Photographer: Stefani Reynolds/Bloomberg via Getty Images

Ohio Rep. Anthony Gonzalez (R) announced his retirement on Thursday, declining to run against a Trump-backed primary challenger in 2022.

Why it matters: Gonzalez has suffered politically since siding with House Democrats to impeach the 45th president after the Capitol riot.

Swing voters oppose Texas abortion law

Protesters at a rally at the Texas State Capitol. Photo: Jordan Vonderhaar/Getty Images

All 10 swing voters in Axios’ latest focus groups — including those who described themselves as "pro-life" — said they oppose Texas' new anti-abortion law.

Why it matters: If their responses reflect larger patterns in U.S. society, this could hurt Republicans with women and independents in next year's midterm elections. The swing voters cited overreach, invasion of privacy and concerns about frivolous lawsuits jamming up the courts.

3 hours ago - Politics & Policy

Scoop: Biden bombs with Manchin

Then-Vice President Joe Biden conducts a ceremonial swearing-in for Sen. Joe Manchin in 2010. Photo: Tom Williams/Roll Call

President Biden failed to persuade Sen. Joe Manchin (D-W.Va.) to agree to spending $3.5 trillion on the Democrats' budget reconciliation package during their Oval Office meeting on Wednesday, people familiar with the matter tell Axios.

Why it matters: Defying a president from his own party — face-to-face — is the strongest indication yet Manchin is serious about cutting specific programs and limiting the price tag of any potential bill to $1.5 trillion. His insistence could blow up the deal for progressives and others.