Hartford city council urges newspaper’s parent company to stop layoffs

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    Hartford, CT (Hartford Business Journal) — Hartford’s city council on Monday approved a resolution urging Alden Capital, a New York hedge fund that owns the Hartford Courant’s parent company, to cease layoffs at the paper.

Last November, Alden Capital increased its financial stake in Tribune Publishing Co., which owns the Courant, to 32%. Since then, members of The Hartford Courant Guild — which represents newsroom employees — have said Alden has been gutting the publication.

“Alden’s increased ownership in Tribune Publishing… is troubling because of its well-documented history of exacerbating financial problems,” the City Council resolution said, noting that the U.S. Department of Labor is investigating Alden for stealing $250 million in employee pension funds.

In the resolution passed last night, city councilors urged Alden to cease any further layoffs or buyouts at the Courant — which currently employs about 60 newsroom workers, less than half of the 135 employees employed in 2009. It also calls on the hedge fund not to increase ownership of Tribune, and to consider in good faith any offers to buy the Courant.

In a tweet after the vote, the Courant Guild celebrated the city council’s approval of the nonbinding measure.

“The Hartford City Council tonight adopted a resolution opposing Alden Global Capital and supporting the Hartford Courant Guild’s push for new ownership,” the tweet said. “Thanks to everyone who played a part. This is one wonderful step in our effort to #SaveOurCourant.”

The Guild launched the “The Save the Courant” campaign in June alongside other unionized Tribune newspapers seeking local investors “who value the critical role our newspaper has in the community and the essential coverage we provide,” the union said at the time.

City councilors on Monday also asked that Alden representatives to appear before them.

“We call upon Alden Global Capital to appear before the City Council to fully address this matter,” the resolution said.

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