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Hedge fund Alden in hunt for another big newspaper chain

Earns Lee Enterprises
Posted at 2:58 PM, Nov 22, 2021
and last updated 2021-11-22 15:58:41-05

OMAHA, Neb. (AP) — Hedge fund Alden Global Capital, one of the country’s largest newspaper owners with a reputation for intense cost cuts and layoffs, has offered to buy the local newspaper chain Lee Enterprises which owns the Omaha World-Herald for about $141 million.

Alden said in a Monday press release that it sent Lee’s board a letter with the offer. It already owns 6% of Lee’s stock and is proposing to buy the rest for $24 a share.

A Lee spokesperson did not immediately reply to a request for comment. Lee’s other papers include the St. Louis Post-Dispatch and the Buffalo News, along with dozens of smaller papers.

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