Less then two years after emerging from bankruptcy, the revamped Journal Register Company has been acquired by Alden Global Capital. The hedge fund, increasingly known for its media investments, was an early investor in the “new” Journal Register. Led by John Paton, JRC shifted from cost cutting and a moribund print strategy to a multi-platform approach with an emphasis on digital — and profit sharing.
Paton tells paidContent by email: “It has been my goal since the beginning to find a backer who will validate the ‘Digital First’ strategy and give us the financial firepower to expand.” He added, “We have shown the naysayers we could do just that. Great day for us.” Paton and his team remain in place. (His blog post is called “Our Next Big Step.”)