It owns the presses, now investment firm Alden Global Capital is pushing hard to acquire the suburban daily they print.

In fact, as the owner of the Chicago Tribune, Alden would be poised to reap the benefits of consolidation – something in which it has the reputation of a master – if it can just grasp the staff-owned Daily Herald itself.

Now the US’ second largest regional news publisher, the owner of MediaNews Group and Tribune Publishing took a whole-page advertisement in last Sunday’s Chicago Tribune to tell shareholders in publisher Paddock, why they should sell to them, for “30 per cent more” than anyone else would pay.

The ad promised “the highest price” and “the best employment terms”, adding that ESOP employee stockholders would be “the direct beneficiary of the highest and best sale terms”.

Buying the Herald’s print site for US$13 million (A$18.25 million) in 2023 has already paved the way for Alden to close the Tribune’s Chicago print site, which has now been demolished to make way for a casino.

Gaining control of the Daily Herald – which covers the city’s northwest, northern and western suburbs – would facilitate consolidation savings through cross-selling and access to its local news and sports coverage there. However further staff cuts at the Tribune last year have reinforced Alden’s reputation for aggressive cost-cutting.

Paddock became fully employee-owned in 2018, and has given legally-required notice of its intention to sell the 154-year-old newspaper, which is reported to have a print circulation of more than 50,000.

Others interested in buying the Herald could include family-owned Shaw Media and billionaire David Hoffmann – reported to have “deep Chicago area roots” who recently took over Lee Enterprises.

As well as the Tribune, Alden owns more than 160 other newspapers across the US, but was unable to acquire the Dallas Morning News last (northern) summer, when its bid was rejected in favour of a lower offer from Hearst.

Pictured: The Herald print site, opened in 2003 at a cost of US$50 million.