Critics of Alden Global Capital say it has exacerbated financial problems at its publications by dramatically slashing headcount, then routing those profits back to investors.
Critics of Alden say the firm has exacerbated financial problems at its publications by dramatically slashing headcount and expenses, then routing those profits back to investors. At the, for instance, dozens of journalists have been laid off since Alden gained control in 2010. Those tactics have provoked a rebellion from the paper’s staffers and opinion columnists, who have published articles lambasting Alden as “vulture capitalists.
Amid the scrutiny, Alden has worked to maintain a low profile. Its website comprises a single page that reads, “Alden Global Capital is an investment manager based in New York, NY.” It does not include an address, phone number or information on its management team or investments. According to public filings, Alden had $1.04 billion in assets under management as of January 2019. It charges clients the high fees that have become standard in private equity: 2% of invested capital per year, along with 20% of profits. Those fees require Alden to extract large profits from its investments. In the languishing news business, that often means stripping publications of assets and laying off journalists.
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