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Local shares fell on Friday as investors make last-minute adjustments to their portfolios ahead of the main index’s rebalancing, while unease over rising infections grows. 
A hedge fund that owns a big stake in Tribune Publishing Co. is seeking to buy the newspaper chain behind titles including the Chicago Tribune and New York Daily News, according to people familiar with the matter.
Alden Global Capital LLC, which is already Tribunes largest shareholder with a 32% stake, could disclose an offer for the company as soon as Thursday, the people said. Details of the potential bid couldnt be learned.
Tribune has a market value of roughly $470 million after a yearslong slide as the prospects for local newspapers dim. Its shares are little changed this year and closed Wednesday at $12.79.
A deal would have far-reaching implications for an industry beset by sharp declines in revenue over the past 20 years that have led to a wave of consolidation and cost cuts. Between 2008 and 2019, the industry shed 51% of its newsroom jobs, according to the Pew Research Center.
Tribune Publishing, one of the largest newspaper chains in the country by circulation, publishes nine larger-market daily papers, including the Baltimore Sun, Orlando Sentinel and Hartford Courant.
