PHILADELPHIA (AP) — Newspaper and digital media publisher the Journal Register Co. says it has been acquired by hedge fund Alden Global Capital less than two years after emerging from bankruptcy protection and implementing an expansive digital presence.

Chief Executive John Paton on Thursday called the move a vote of confidence in its “Digital First Strategy” by Alden and indicative of the company’s turnaround.

Alden is a distressed debt specialist that has been acquiring stakes in newspapers and was one of JRC’s investors.

Terms of the deal were not disclosed but Journal Register said all of its lenders were paid in full.

Journal Register, based in Yardley, owns numerous papers and websites including the New Haven Register in Connecticut, The Oakland Press in Pontiac, Mich., and The Daily Local News in West Chester.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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