Tribune Surges on Alden Deal Inquiry at $520 Million Value (1)

Tribune Publishing Co. jumped 9.5% after hedge fund Alden Global Capital said it made a nonbinding proposal this month to buy the rest of newspaper publisher at a valuation of $520 million.

Alden, which already owns 32% of Tribune, inquired about an acquisition at $14.25 a share in a letter sent to Tribune’s board Dec. 14, it said in a filing dated Wednesday. The Wall Street Journal reported late Wednesday that Alden was seeking to buy Tribune, citing unidentified people familiar with the matter.

Shares of Tribune, the publisher of the namesake Chicago Tribune, the New York Daily News and ...