Bainum looks for Baltimore team to perhaps take on Alden

Aug 12, 2021 at 02:00 am by admin

After having failed in his attempts to buy it – either solus or with the Chicago Tribune – businessman Stewart Bainum Jr is exploring options to compete with the Baltimore Sun, now controlled by Alden.

Poynter has reported he is looking for help to launch a “high profile, well-funded” new nonprofit media business in the city.

Six positions advertised on the Jooble website look for “mid-level executives to plan a multimedia and comprehensive news startup” for the city.

Poynter quotes “a source familiar with Bainum’s thinking”, who said the plans were “still preliminary, and the project might yet be found not to be feasible”.

He agreed it was “a strong signal” that Bainum wants to go ahead with an alternative after his attempts to buy the whole of Tribune Publishing were frustrated.

One of the advertisements says the company’s supporters also include the Lenfest Institute and Bloomberg. Poynter says neither is likely to invest, but that “several local foundations in Baltimore” had expressed interest in participating financially.

Alden Global Capital acquired the Baltimore Sun and eight other Tribune mastheads for US$630 million.

Sections: Newsmedia industry


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