Alden Global Capital buys Journal Register Co.

By the Associated Press | July 14, 2011 | 4:59 PM EDT

PHILADELPHIA (AP) — Journal Register Co. says it has been acquired by the Alden Global Capital hedge fund less than two years after the newspaper and digital media publisher emerged from bankruptcy protection and implemented an expansive digital presence.

Chief Executive John Paton on Thursday called the move a vote of confidence by Alden in the company's "Digital First Strategy" and indicative of the company's turnaround. Alden, a distressed debt specialist, has been acquiring stakes in newspapers and was one of JRC's investors.

Terms of the deal were not disclosed, but Journal Register said all its lenders were paid in full.

Journal Register, based in Yardley, Pa., owns numerous papers and websites including the New Haven Register in Connecticut, and The Oakland Press in Pontiac, Mich.