OMAHA, Neb. (AP) — Iowa-based newspaper publisher Lee Enterprises is facing renewed pressure from a hedge fund to speed up its transition to digital publishing and consider adding new digital-savvy leaders to its board.
This after successfully fighting off a hostile takeover from Alden Global Capital, a different hedge fund, just a few months ago. Lee Enterprise’s largest shareholder, Cannell Capital, this week disclosed the purchase of nearly 20,000 more of the company’s shares, giving it a 9.1% stake.
Lee Enterprises is the publisher of the Omaha World-Herald, the Daily Nonpareil in Council Bluffs and many other print publications throughout Nebraska and the Midwest.
Cannell Capital's head, Carlo Cannell, said he thinks Lee needs new board members and executives with experience running a digital publishing business.