Tribune Publishing has completed its acquisition of the Daily Herald, bringing the 150-year-old suburban newspaper under its expanding Chicago-area media portfolio. The transaction officially closed on Monday, adding the state's third-largest newspaper to Tribune Publishing’s collection of nearly three dozen daily and weekly publications, including the Chicago Tribune.
The deal follows Tribune Publishing’s 2023 purchase of the Daily Herald’s printing facility, which has since become the operational hub for Tribune’s Chicago newspaper after it vacated its longtime Freedom Center to accommodate the new Bally’s Chicago casino development. The casino’s construction was completed in April and is slated to open early next year.
The Daily Herald, founded in 1872 as the Cook County Herald, has evolved into a significant regional publication, with a reported circulation of 52,410. The newspaper was owned by the Paddock family for over a century before transitioning to an employee stock ownership plan (ESOP) in 2018.
Tribune Publishing’s acquisition was the culmination of a months-long effort to secure support from the Daily Herald's employee-owners. Last August, Crystal Lake-based Shaw Media, which owns numerous smaller Illinois newspapers, initiated a competitive bid for the Daily Herald. In response, Tribune engaged in a campaign that included full-page advertisements in the Chicago Tribune offering a 30% premium over competing offers.
According to Douglas Ray, chairman, publisher, and CEO of Paddock Publications, the parent company of the Daily Herald, the employee participants in the ESOP voted by a significant margin in favor of the sale to Tribune Publishing. Ray noted that Tribune’s offer was at the “upper end” of recent comparable newspaper transactions. He also confirmed that employment offers have been extended to all Daily Herald staff.
Par Ridder, publisher of Chicago Tribune Media Group, called the Daily Herald the “crown jewel” of their suburban coverage and expressed confidence in the suburban newspaper’s future performance under the Tribune Publishing umbrella. He emphasized the Daily Herald’s strong track record in serving northwest suburban communities and anticipated continued success within the larger media group.
The acquisition places the Daily Herald within a larger corporate structure owned by New York-based investment firm Alden Global Capital, which purchased Tribune Publishing in 2021 for $633 million. Alden also owns MediaNews Group, making it the second-largest newspaper proprietor in the United States after Gannett. Despite industry-wide challenges that have led to the closure of nearly 3,500 newspapers since 2000, the Daily Herald’s integration into Tribune Publishing represents growth amid a declining market.
Ray expressed optimism about the newspaper’s future under the new ownership, stating his confidence that the Daily Herald will remain one of the nation’s leading community newspapers.