Hedge fund Alden in hunt for another big newspaper chain

In a press release Monday, Nov. 22, 2021 Alden said 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.

In a news release Monday, Alden said 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. Alden says it does not foresee regulatory issues that could complicate a deal. Alden scooped up the Tribune papers earlier this year in a deal that was bitterly contested by the Tribune company’s own journalists and community leaders in Tribune’s markets, who sought, ultimately without success, to find local buyers for papers including the Baltimore Sun and Chicago Tribune. Alden also owns the Denver Post, Orange County Register and Boston Herald.

But local-news advocates take a different view of Alden and other financial firms’ ownership of local papers. “What we have seen in the past, especially with Alden, is that it has led to cuts in reporting staffs, and worse and worse coverage of communities in many cases,” said Steve Waldman, president of Report for America, an organization that places journalists in local newsrooms, including The Associated Press. “We should view this latest as a wake-up call.

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