Alden Global Capital founder Randall Smith recently sold one of his many Palm Beach mansions for $5.5 million, according to the Palm Beach Daily News. The $1.9 million profit on the sale – purchased in a mansion-buying binge that began in 2013, after Alden became majority owner of DFM – would cover an annual raise of more than $3,900 for the 487 Guild-represented employees at 12 DFM newspapers nationwide.
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Negotiations for a 2018 wage re-opener covering 13 bargaining units will open soon as Digital First Media ordered a new wave of staff cuts throughout California and in suburban Philadelphia in January. In response, DFM workers are escalating their contract campaign against Alden Global Capital, the New York hedge fund that owns DFM and that has been systematically stripping newspaper assets since 2012.
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