Suburban Chicago's Daily Herald may be subject of bidding war

A potential bidding war is taking shape for the Daily Herald, the newspaper of record for suburban Chicago.

Weeks ago, the owners of the Herald disclosed to Illinois state regulators that they were exploring a sale to an undisclosed buyer.

Now, Alden Global Capital, the owners of the Chicago Tribune, have said in the form of full-page ad in their own paper that they will pay a 30% premium over any other offer.

The ad also said the Tribune could offer the best employment terms for Daily Herald employees.

Meanwhile, the Northwestern Local News Initiative reported a third buyer may be in the mix too — Lee Enterprises, a Florida company controlled by billionaire David Hoffman.

The Chicago Sun-Times recently reported there is also speculation that Crystal Lake-based Shaw Media, which owns newspapers and radio stations around Illinois and Iowa, might be a potential buyer.

Daily Herald owner Paddock Publications issued a letter to the state on Jan. 6 providing notification of an upcoming sale as dictated by the Strengthening Community Act, according to the Northwestern Local News Initiative.

The board of directors at Paddock shifted to an employee ownership model for the company in 2018, the initiative reported.

The Daily Herald dates back to 1872, when it was founded by G.E. Earle as the Cook County Herald in Palatine, Illinois. Earle sold the paper in 1875, and the buyers n turn sold to H.C. Paddock in 1898.

For many years, the Daily Herald was headquartered in a brutalist building at 155 E. Algonquin Rd. in Arlington Heights — a building that stood out as a landmark for drivers on the Jane Addams Memorial Tollway (I-90). Paddock sold the building and moved to an office building two blocks away in 2019.

A Tribune Publishing affiliate bought the Daily Herald's Paddock Printing Center in Schaumburg in 2023, reports noted.

The Daily Herald covers the north, northwest, and west suburbs of Chicago.