Its also arguably the most secretive news chain owner in the country. In meetings, he likes to knock back cans of diet orange Sunkist and fiddle with a stress ball. I firmly believe that Randall Smith and Heath Freeman could weather this timeframe if they wanted to, says Patricia Doxsey, the president of the Kingston NewsGuild and a government reporter at the Alden-owned Kingston Daily Freeman. In January, it purchased a 5.9-percent stake in Lee Enterprises, which owns the, , and many other newspapers. Prior to focusing on principal investing through Alden and Smith Management LLC, he established and ran RD Smith & Co. which was both a principal investor in distressed . As the industrys recent dire circumstances focused minds on the business of news, including those of lawmakers, Freeman broke with Smiths strategy of avoiding the spotlight, and gave his first ever interview, to the Washington Post, in which he seemed to argue he was attempting to save newspapers by cutting them. We described Aldens gutting of its newspapers and the disastrous effects this had on communities served by the Digital First Media chain (officially known as MNG Enterprises). Alden Global Capital net worth and salary income estimation Its real-estate transactions, in particular, are difficult to trace. The Press offered tough competition to the Village Voice, with free distribution, while the Voice was a paid publication. Hedge Fund and Insider Trading News: Cathie Wood, Paul Tudor Jones, Steve Cohen, Elliot Management, Alden Global Capital, Bireme Capital, Tesla, Inc. (TSLA), Thor Industries, Inc. (THO), and More, Top 10 Stock Picks of Randall Smith's Alden Global, Hedge Fund and Insider Trading News: Cathie Wood, Jim Simons, Jamie Dinan, Alden Global Capital, Odey Asset Management, Atlant Fonder, Nickel Digital Asset Management, Burford Capital, Global Water Resources Inc (GWRS), Twilio Inc (TWLO), and More, Hedge Fund and Insider Trading News: Clifford Asness, Farallon Capital Management, BlueCrest Capital Management, Marshall Wace LLP, Fir Tree Capital Management, Alden Global Capital, Aravt Global LLC, Reservoir Media Inc (RSVR), DoorDash, Inc. (DASH), and More, Hedge Fund and Insider Trading News: Ray Dalio, Bill Ackman, Alden Global Capital, Oaktree Capital Management, Aravt Global LLC, Veritex Holdings Inc (VBTX), and More, Hedge Fund and Insider Trading News: Steve Tananbaum, Bill Ackman, Starboard Value LP, Light Sky Macro LP, Coeli Asset Management, Strategic Education Inc (STRA), and More, Hedge Fund and Insider Trading News: Bill Ackman, Warren Buffett, Alden Global Capital, Hudson Bay Capital Management, Dillard's, Inc. (DDS), First Majestic Silver Corp. (AG), and More, Hedge Fund and Insider Trading News: Edward Eisler, Ray Dalio, Whitney Tilson, Steve Cohen, James River Capital, Alden Global Capital, IAA Inc (IAA), and More, Hedge Fund and Insider Trading News: Gabe Plotkin, David Einhorn, Dan Loeb, Ray Dalio, Bill Ackman, Sachem Head Capital Management, Brummer & Partners, Alden Global Capital, Reservoir Media Inc (RSVR), Moderna Inc (MRNA), and More, Hedge Fund and Insider Trading News: George Soros, Melvin Capital Management, Brevan Howard Asset Management, Elliott Management, Point72 Asset Management, Tybourne Capital Management, Verizon Communications Inc. (VZ), and More, Hedge Fund and Insider Trading News: Nelson Peltz, Kyle Bass, Ray Dalio, Alden Global Capital, Heptagon Capital, Blackwells Capital, Oracle Corporation (ORCL), and More, Hedge Fund and Insider Trading News: Ray Dalio, VGI Partners, Alden Global Capital, Radcliffe Group, Spouting Rock Asset Management, Dimensional Fund Advisors, Thornburg Income Builder Opportunities Trust (TBLD), TG Therapeutics Inc (TGTX), and More, Hedge Fund and Insider Trading News: D1 Capital Partners, Two Sigma Advisors, Alden Global Capital, Bridgewater Associates, Brummer & Partners, Hyatt Hotels Corporation (H), Starwood Property Trust, Inc. (STWD), and More, Hedge Fund and Insider Trading News: D1 Capital Partners, Alden Global Capital, Universa Investments, Immersion Corporation (IMMR), Keysight Technologies Inc (KEYS), and More, Hedge Fund and Insider Trading News: Anthony Scaramucci, Elliott Management, Alden Global Capital, Amber Capital, Macellum Advisors, Quantology Capital Management, Stonex Group Inc (SNEX), ICON PLC (ICLR), and More, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Smith has major media interests through Alden Global Capital's 70% ownership stake in MediaNews Group and its 31.6% stake in Tribune Publishing. So what prompted the Smiths to shell out $100,000 to the president and his party in August? In 2013, a Smith-related limited liability company bought the house at 286 Orange Grove Road for $2 million, courthouse records show. October 10th, 2022 - Hedge Funds Insider Trading, March 29th, 2022 - Hedge Funds Insider Trading, March 11th, 2022 - Hedge Funds Insider Trading, March 10th, 2022 - Hedge Funds Insider Trading, March 2nd, 2022 - Hedge Funds Insider Trading, February 28th, 2022 - Hedge Funds Insider Trading, February 23rd, 2022 - Hedge Funds Insider Trading, February 15th, 2022 - Hedge Funds Insider Trading, January 28th, 2022 - Hedge Funds Insider Trading, January 24th, 2022 - Hedge Funds Insider Trading, January 10th, 2022 - Hedge Funds Insider Trading, December 21st, 2021 - Hedge Funds Insider Trading, December 16th, 2021 - Hedge Funds Insider Trading, December 9th, 2021 - Hedge Funds Insider Trading. Get our editors daily picks straight in your inbox! He earned a bachelor's degree from Cornell University in 1965, followed by an MBA from the Wharton School of the University of Pennsylvania in 1967. Its not contrarian investing, Smith says; its value investing. There are no older and 9 younger executives at Tribune Publishing. His younger brother Russ Smith founded the Baltimore City Paper and the Washington City Paper, which he sold for $4 million, and in 1989 founded the New York Press. And so one has to wonder what benefits would another four years of Trump provide Alden? Singleton declined to comment further on Aldens principals or whether the fundwould try to consolidate its newspaper holdings. Smith & Company, in 1985. Randall Smith is a major hedge fund investor, who established Alden Global in 2007. AP Photo/David Zalubowski, Media observers note that they make cuts almost from day one. Less than two weeks later, Alden Global Capital co-founder Randall Smith gave $50,000 to Donald Trump's "Trump Victory" fund. The company also provides various digital marketing services, which include the development of mobile websites, search engine marketing and optimization, social media account management, and content marketing for its customers' web presence for small to medium size businesses. Smith founded a successor company, Alden Global Capital, in 2007. Why is he working when he could be playing?, Now here I am today, 41 years old, and Ill explain it to my girls in the same way. Smith is known as a pioneer of vulture capitalism, the purchase and dismantling of distressed firms. One researcher tells me that if that money were invested in the S&P 500 Index Fund, it would have earned roughly $11 million over the same period. There are no older and 9 younger executives at Tribune Publishing. As part of the deal, Alden agreed to a standstill, which Tribune. Mr. Christopher Minnetian, president of Randall Smiths family investment firm, Smith Management LLC, gave $10,800 to the Trump campaign for the 2016 election. "Their untimely deaths helped me learn how the world works at a. But over time, as it got developed, it instead became a grouping of venues. On average, Tribune Publishing executives and independent directors trade stock every 31 days with the average trade being worth of $6,589,782. Generali's No.3 investor Caltagirone withholds backing for 2022 accounts -sources, Musk says Tesla likely to launch full self-drive technology 'this year', Exclusive: JPMorgan employees gripe about Dimon's return-to-office edict, SpaceX rocket explosion illustrates Elon Musk's 'successful failure' formula, Cucinelli posts 33% rise in Q1 sales, confirms 2023 revenue growth forecast, Exclusive-Peter Thiel, Republican megadonor, won't fund candidates in 2024 - sources, Virginia Governor Youngkin 'humbled' by talk of possible presidential run, European Midday Briefing: Mood Brighter After -2-, Tim Cook unveils new Apple store in India, Morgan Stanley's dealmaking CEO Gorman signals more transactions to come. In 2007, Smith founded Alden Global Capital, and is its chief of investments. Barbara Stovall Smith and her husband, Randall "Randy" Smith, the co-founder and chief investment officer of Alden Global Capital, a multibillion-dollar hedge fund also led by co-founder. Last year, the company failed in an attempted hostile takeover of Gannett, which owns, , and many more papers. Since taking the helm of Spire, he has grown its portfolio to 3.5 million square feet of office space in Dallas, Austin, and Houston, plus 21 acres of urban land thats ripe for development. is typical for large shareholders. The story of the East Bay Times is not unique. In addition, it operates Tribune Content Agency, a syndication and licensing business that provides daily news service and syndicated premium content to approximately 2,000 media and digital information publishers. He insisted that inaccurate media reports about the company abound, their ownership is a cause for celebration, and Google and Facebook are to blame for the death of local news. The screenshots below show where the Smiths contributions ended up, as listed on OpenSecrets.org: These were large contributions for the Smiths, and this was the first time Randall Smith had given to any campaign or party since 2017, according to FEC records. If Im talking about business, Ive got no problems. Randall Smith Biography, Age, Height, Wife, Net Worth, Family He told me, It will take you 10 years to become a Dallasite. Mr. Smith has been investing in event driven, value and emerging market securities for more than 50 years. Over the last 5 years, insiders at Tribune Publishing have traded over $117,929,877 worth of Tribune Publishing stock and bought 1,611,761 units worth $19,673,649 With The Spire, we now have an opportunity to provide that neighborhood.. The returns rolled in. Because there certainlymustbe benefits based on their record of the past seven years, Aldens founders never conduct transactions that dont personally benefit them. (Theyve since acquired a controlling stake.) My wild guess: Watch for the MediaNews CEO search to end with Journal Register CEO John Paton (whose experience includes investment banking). Along with investing in Dallas properties, Ruff and Smith have both become actively involved in the community. The man behind a rising tide of private equity newspaper company investments and takeovers has kept fromthe public eye even the barestinformation about himself and his companies. That difference of $15.125 million represents an increase of 190% in . , had won rave reviews for its shrewd research. Alden, forinstance, showed an appreciation of more than 187 percent one year and 3 percent the next, the New York Times reported last fall,as its play on distressed financial institutions fizzled. I should note here that I, together with reporter Evan Brandt of the Pottstown (PA) Mercury spoke at a press conference about The Stop Wall Street Looting Act. Meet the Hedge Fund Boss Who Just Bought Tribune's Newspapers Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement It has gained the largest share ofMediaNews, the second largest U.S. newspaper company by circulation. Smith looked to Dallas native Jon Ruff, whom he hired in 2000, to help him transform the company. The same day, his wife Barbara gave exactly the same amount. The company also provides various digital marketing services, which include the development of mobile websites, search engine marketing and optimization, social media account management, and content marketing for its customers' web presence for small to medium size businesses. Initial plans for The Spire, designed by WDG Architecture, call for a hotel, 337 residential units, 128,000 square feet of retail space, and 1.7 million square feet of office space. Socially, Im very shy. We share the belief that Americans need and deserve robust local journalism that operates with editorial independence, he wrote. Tribunewhich analysts and union officials believe is already acting under Aldens influence, though Freeman denies this in his letterhad tried to implement even heavier cuts. Your California Privacy Rights/Privacy Policy. Their coverage won the 2017 Pulitzer Prize for Breaking News Reporting. Over the past several years he has invested heavily in newspapers and media companies through his. So, flattering as Aldens courtship of the industry has been to date and likely as it is to continue,newspapers could get dropped in a heartbeat, as did Emmis, if fundamentals take another dive. Smith is one of the few who is localand thats an advantage, he says. Then newspaper buildings are sold, and staff is consolidated and cut. D. Smith & Company, whose office near Wall Street fittingly overlooks the Trinity Church graveyard, the, wrote, is profiting from other peoples misery by trading the stock and debt of troubled companies, both for itself and its customers., Smith founded a successor company, Alden Global Capital, in 2007. The company operates in two segments, M and X. But when you do, you wont want to leave. . Copyright 2023, D Magazine Partners, Inc. We use cookies to ensure that we give you the best experience on our website. RandallSmith has been an investor in news media at least once before, when his younger brother Russ and partners launched the New York Press in 1988. Randall Smith Net Worth (2023) | wallmine The most feared owner in American journalism looks set to take some of Three years ago, as his brother recalled, Smith celebrated his 75th birthday on the tiny Caribbean island of Canouan, which Bloomberg cites as the place where billionaires go to escape millionaires. He has accumulated a row of mansions in Palm Beach, Florida, Reynolds reported, and houses in the Hamptons. All rights reserved. Dana Bash will replace John King as the anchor of Inside Politics. King will report on voters in battleground states heading into the 2024 election. He favors jeans and polo shirtssocks optional. Both provided Aldens office in Manhattans Lipstick Building as their address. He started his first investment firm at home while still working for Bear Stearns, with $20,000 he and his wife won in the late 1960s on Dream House, a television game show. The impetus behind the transition is not fully clear, but Smith invested in the real estate business in the years before. The one central theme, the Times reported, seems to be that Smith and its web of affiliates are out, first and foremost, for themselves., R. Alden's Randall Smith needs to apologize for supporting Trump Hedge fund founder Randall Smith and his wife gave $100,000 to the Randall Duncan "Randy" Smith (born 1942) is an American hedge fund manager, and the founder and chief of investments of Alden Global Capital. He's got lofty goals as he aims to lead a new generation of developers in Dallas. Singleton has also been comfortable through the years partnering with Gannett and other companies, in one instance running several papers for Hearst, which also made a big investment in MediaNews. By 2016, the Oakland Tribune, Contra Costa Times, Daily Review and others became the East Bay Times, under ownership of the Bay Area News Groupwhich is, in turn, owned by MediaNews Group. In 2019, Forbes put Thiel's total net worth at just $2.3 . Unlike Angelo, Gordon, an earlier leader in distressed newspaper investments, Alden allows website access only to customers. The EIN for the organization is 59-1630423. This investment philosophy helps explain why Alden also owns a $143 million position in Gannett, smaller stakesin A.H. Belo, McClatchy, Media General and Journal Communications. Discover Randall Smith's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. No spam, ever. When Smith went off to Macalester, a private liberal arts university in St. Paul, Minn., his parents told him to take anything but business classes. Last August, he gave over $55,000 to Donald Trumps presidential campaign and over $44,000 to the Republican National Committee; in 2012, he gave $72,800 to Mitt Romneys presidential campaign. At the time, he told the staff, Dont hold back on overtime and stuff like that. Randall Smith serves as Director of the Company. Alden's founder is one of the ultrawealthy investors using Roth IRAs to amass untaxed fortunes. The most active insiders traders include Michael W Jr Merrick Media,, Global Capital Llc Freeman , and Terry Jimenez. He invests in multiple strategies worldwide including distressed securities, value equities, and real estate. What I can expect in the next few months and for the rest of the year, Chicago Tribune Guild president and courts reporter for the paper, Megan Crepeau, says, is a strong newsroom, a united front, because now we know exactly the kind of dirty tricks and exactly the kind of ways that they want to gut us., NEW AT CJR: Kayleigh McEnany, media critic, TOP IMAGE: Journalist George Kelly protesting Alden Global Capital outside the hedge-fund's headquarters in New York, in May 2018. Heath Freeman of Alden Global Capital says he wants to save local news Randall Smith - Media Nation The Smiths $100,000 came in the form of two $50,000 contributions to Trump Victory. The one central theme, the, reported, seems to be that Smith and its web of affiliates are out, first and foremost, for themselves., R. By the time he left at the end of 2018, he says, the company was down to 160. is not unique. Randall Smith may feel fresh pressure to get just a little transparent and go public with a charm offensive as his company becomes a bigger ownership force. Randall Smith's net worth Even the most experienced specialists dont succeed with every pick. Rather than looking solely at occupancy, Ruff says Spires strategy is to fundamentally improve each assets value, taking it from a Class B to a Class A, for example. Top 10 Stock Picks of Randall Smith's Alden Global As Smith climbed the ladder at Bear Stearns, and the couple raised a boy and a girl in Short Hills, New Jersey, he started a new investment firm, R.D. Founder of Alden Global Capital LLC and RD Smith & Co., Randall D. Smith is Chairman for Oyster Enterprises Acquisition Corp. and Chief of Investments at Alden Global Capital LLC. Smith & Company, in 1985, . Under the circumstances, one can only infer what Alden likes about the news industry and what next steps in its strategy may be. Reynolds has spent years trying to find details, and has reported on Aldens financial entanglements with, debt in Greece, fraud in Mexico, pollution in Russia, and corruption in Brazil, Amid the coronavirus pandemic, the company has laid off and furloughed many dozens of newspaper workers. But Alden has focused its attention on Tribune Publishing Company, which owns, among others, the Chicago Tribune, the New York Daily News, and the Baltimore Sun. Who Profits From Alden Global Capital? You'd be surprised. Randall Smith is 77, he's been the Director of Tribune Publishing since 2020. Its not clear whether the Smiths have met President Trump. He wanted to take over the company, but his philosophy about how to run it clashed with his fathers. By the time Caleb was 8 years old, he was making trades on a Quotron computer. He also composed music and sang and played guitar in a rock band and a blues band. Caleb will tell you that its his job to come up with ideas; its my job to implement them, says the 35-year-old Ruff, who serves as senior vice president. As a privately held vulture hedge fund, we dont know who Aldens investors are. Tribune Publishing Company was founded in 2013 and is headquartered in Chicago, Illinois. Randall Smith - Alden Global Capital - Insider Monkey sold in thepast two-and-a-half years during the real estate rush, Another house linked to Randy Smith of Alden Global Capital sells in Palm Beach, Seaside estate sells for $39 million, nearly $14 million more than in June, Tight supply, big demand and the consequences for Palm Beach real estate. The keys on the keyboard were in alphabetical order, which, as a kid, I thought was greatness.. The deal expires on June 30. SKA Financial Group. Now that its bought up a third of Tribune Publishing, Alden has finagled two board seats and within weeks, the company implemented mass buyouts. Mr. Smith has been investing in event driven, value and emerging market securities for more than 50 years. The Shaws are not alone in deciding what dowith theirnew home. Randall Smith - President - SKA Financial Group | LinkedIn . We will update Randall Smith's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible. MarketScreener: Created by Investors for Investors! Brings new meaning to the phrase Sunday Funday. Vulture Capitalist Randall Smith's Hedgefund Alden Global - Indybay A New Jersey native who has traveledand livedall over the world, he came here in 1998 to oversee renovation of Bryan Tower, a 40-story downtown office building his father had just acquired. His bets against meme stocks such as GameStop Corp. were backfiring, and losses at his $12.5 billion hedge fund were mounting. Randy Smith founded Alden Global Capital in New York City as a privately held hedge fund. , Alden had been responsible for 23,584 American job losses, through PayLess, Freds, and its newspaper empire. A lot of folks assumed that the Pulitzer Prize means theyre going to be happy with us and theyll take better care of us, and we wont have more layoffs. The same day, his wife Barbara gave exactly the same amount. Look at everything that has changed since then: the Internet, electrical systems, HVAC systemsnot one of those office buildings was built for todays efficiencies., Most Dallas office towers are owned by outside investors. Randall Smith (born March 8, 1960) is a Canadian electroacoustic music composer living in Toronto. A couple years later, he joined a family acquaintance, Randall Smith, at Alden, making distressed assets his own special focus. They sat next to another couple on a set decorated with shiny curtains and long beams dotted with iridescent light bulbs. On that same day, the NewsGuildwhich represents the Chicago Tribune Guild and thirteen Alden-owned newsroomstestified before the US House Committee on Financial Services that, according to its calculations, Alden had been responsible for 23,584 American job losses, through PayLess, Freds, and its newspaper empire. Then newspaper buildings are sold, and staff is consolidated and cut. Last year, the company failed in an attempted hostile takeover of Gannett, which owns USA Today, the Arizona Republic, the Des Moines Register, the Louisville Courier Journal, and many more papers. As of this year, through MediaNews Group, Alden has stakes in about two hundred American newspapers. Tribune Publishing Company, together with subsidiaries, publishes newspapers worldwide. Become a member of Media Nation for just . He also has invested heavily in newspapers and media companies through his Digital First Media and NewMedia Group. s new executive editor, Neil Chase, instructed his staff to throw their resources behind the story. He initially worked as a partner in Bear Stearns, from 1975 to 1995, during which he also began his first. Mr. Smith graduated from Cornell University and received an MBA from the Wharton School of the University of Pennsylvania. Alden Global was founded in 2007. Newspapers and other media companies are a major part of its portfolio but it has also bought shares offinancial companies like Citigroupand the debt of third-world countries. Denver journalists rally against ownership group Alden Global Capital on May 8, 2018, outside The Denver Posts office and printing plant in north Denver. Most recently it has been among the first to have one publisher or editor oversee several newspapers, to treat groups of newspapers as a single entity for totalingaudited circulation, and to create merged or outsourced copy editing and design desks. Winning a Pulitzer Prize doesnt change the economics of the company, he says, so why would it change the attitude of the owners?, THE MEDIA TODAY: Dean Baquet, Marty Baron, and protecting the institution. Business records link his wife to Smith Management LLC, which public records haveidentified as Aldens parent company. Spire Realty's Caleb Smith: The Next Trammell Crow? There seems to only be. Pens and notebooks disappear from newsrooms. Get the Poynter newsletter that's right for you. Its managing director is Heath Freeman. He is a founding member of Alden Global Capital LLC, a private investment firm based in New York. On December 3, 2016, the morning after the Ghost Ship warehouse in Oakland caught fire, killing thirty-six people, the East Bay Timess new executive editor, Neil Chase, instructed his staff to throw their resources behind the story. Tribune Publishing executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. Smith spent about three months in India, China, and Japan, then went to Russia for another three months to study the markets. The company was formerly known as tronc, Inc. and changed its name to Tribune Publishing Company in October 2018. Its all about the spreadsheets and the numbers. Paul Huntsman, who bought a newspaper, the, , back from Alden, says the attitude is common among hedge funds. This Is How a Newspaper Dies - POLITICO Magazine The then-29-year-old says he wasnt sure what would kill him first, the Dallas heator boredom. I firmly believe that Randall Smith and Heath Freeman could weather this timeframe if they wanted to, says Patricia Doxsey, the president of the Kingston NewsGuild and a government reporter at the Alden-owned. The week the Smiths made their donations to Trump was also the week the Gannett and GateHouse newspaper chains merged, a bitter pill for Alden because its own takeover of Gannett was thwarted earlier in the year. To put it simply, the 2014 US Supreme Court ruling in McCutcheon v. FEC allows larger aggregate contributions to candidates as long as a certain cut of the money is diverted to the party. But Chase, who knew that the company was planning to consolidate some functions of the newsroom, did not share their optimism. Paton has transformed Journal Register to digital first, and that aligns with MediaNews likely direction. Florida real estate records show he has since sold a couple of them.). But were not a real estate company; were an investment company, he says. So I agree with Martin Langeveld and other analysts who speculate that MediaNews is the logical launch pad if Alden moves to consolidate its newspaper holdings. Smith favored a long-term-ownership approach; his father, being a lifelong trader, wanted to buy, improve, sell. Alden has shielded its transactions through a convoluted network of LLCs and offshore accounts. His net worth has been growing significantly in 2022-2023. (Reuters) - Shares in Unilever rose 6% on Monday on reports that activist investor Nelson Peltz has built a stake in the consumer goods giant whose strategy is under scrutiny after a short-lived pursuit Australian hedge fund VGI Partners is considering a merger of sale of its business with several rival firms including Regal Funds Management, according to a report in the Sydney Morning Herald.
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