Bidding War Emerges for Suburban Chicago's Daily Herald

Alden Global Capital, Lee Enterprises, and Shaw Media among potential buyers for the long-running suburban newspaper

Published on Feb. 12, 2026

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A potential bidding war is unfolding for the Daily Herald, the newspaper of record for suburban Chicago. The current owner, Paddock Publications, has disclosed plans to explore a sale to an undisclosed buyer. Now, Alden Global Capital, the owners of the Chicago Tribune, have publicly stated they will pay a 30% premium over any other offer. Meanwhile, Lee Enterprises, a Florida company controlled by billionaire David Hoffman, and Crystal Lake-based Shaw Media are also reportedly considering bids for the 150-year-old publication.

Why it matters

The Daily Herald has long been a fixture in suburban Chicago, providing essential local news coverage for the region. A change in ownership could have significant implications for the paper's editorial independence, staffing, and coverage priorities. The potential bidding war also highlights the ongoing consolidation and financial challenges facing the newspaper industry, especially for local and regional publications.

The details

Paddock Publications, the current owner of the Daily Herald, disclosed plans to explore a sale to state regulators several weeks ago. Alden Global Capital, the owners of the Chicago Tribune, have now publicly stated they will pay a 30% premium over any other offer for the Daily Herald. Additionally, the Northwestern Local News Initiative reported that a third potential buyer, Lee Enterprises, a Florida company controlled by billionaire David Hoffman, may also be interested. There is also speculation that Crystal Lake-based Shaw Media, which owns newspapers and radio stations across Illinois and Iowa, could be a potential suitor.

  • Paddock Publications disclosed plans to explore a sale to state regulators several weeks ago.
  • Alden Global Capital, the owners of the Chicago Tribune, publicly stated their intention to pay a 30% premium over any other offer in a full-page ad in their own newspaper.

The players

Paddock Publications

The current owner of the Daily Herald, a suburban Chicago newspaper that has been in operation since 1872.

Alden Global Capital

The owners of the Chicago Tribune, who have publicly stated they will pay a 30% premium to acquire the Daily Herald.

Lee Enterprises

A Florida-based company controlled by billionaire David Hoffman, which is reportedly considering a bid for the Daily Herald.

Shaw Media

A media company based in Crystal Lake, Illinois, that owns newspapers and radio stations across Illinois and Iowa, and is speculated to be a potential buyer for the Daily Herald.

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What’s next

The board of directors at Paddock Publications will likely review all offers and determine the best path forward for the future of the Daily Herald.

The takeaway

The potential bidding war for the Daily Herald highlights the ongoing challenges facing local and regional newspapers, as well as the consolidation of media ownership. The outcome of this process will have significant implications for the future of news coverage in suburban Chicago.