The Chicago Tribune’s parent company is reportedly in talks to purchase Paddock Publication’s Daily Herald news outlet.

According to a Tuesday Crain’s Chicago Business report, Alden Global Capital is “in advanced talks to buy the publisher” of the Arlington Heights-based media group.

In addition to the Chicago Tribune, Alden owns several suburban titles via its purchase of the Tribune Publishing Company five years ago. The New York-based investment firm now owns more than 150 newspapers in the U.S., Crain’s reported.

Alden “has deep pockets and typically makes all-cash offers” but has a reputation for making deep cost-cutting moves to newsrooms. One of its first moves after acquiring the Tribune was to offer buyouts that resulted in dozens of journalists departing the company.

The Tribune made a very public overture to the Daily Herald in a February full-page Tribune ad, saying it could outbid any other offer by 30%.

Crain’s has previously reported that some media observers thought the employee-owners of the Daily Herald would reject a bid from Alden, in favor of Shaw Media or Lee Enterprises.

“As far as anything going on with the Daily Herald and the Tribune, I have no specific knowledge. If the Daily Herald were for sale, our company would be very interested,” said John Rung, Shaw Media president and CEO.

Crystal Lake-based Shaw Media publishes shawlocal.com and owns news outlets and radio stations across northern Illinois, including the Northwest Herald.

Lee Enterprises owns newspapers across the country, including Munster, Indiana, and St. Louis.

If the Daily Herald is sold to Alden, it would be its second sale in eight years. In 2018, employees bought the paper a through a Stock Ownership Plan from the Paddock family, which had owned it since the 1890s.

Representatives from Paddock Publications and Alden could not be reached for comment.