A hedge fund with a reputation for laying off journalists, selling buildings and slashing newsroom budgets has proposed buying Lee Enterprises, one of the last large independent newspaper chains in the United States.
In a letter to Lee’s board of directors on Monday, Alden Global Capital offered $24 a share to purchase the chain, which owns at least 90 publications across 26 states, including the St. Louis Post-Dispatch and the Buffalo News. “Our interest in Lee is a reaffirmation of our substantial commitment to the newspaper industry and our desire to support local newspapers over the long term,” Alden wrote in the letter.
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