This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Hedge fund Alden in hunt for another big newspaper chain
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Entertainment > Hedge fund Alden in hunt for another big newspaper chain
Entertainment

Hedge fund Alden in hunt for another big newspaper chain

Editorial Board Published November 22, 2021
Share
Hedge fund Alden in hunt for another big newspaper chain
SHARE

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 for about $141 million.

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.

Lee stock jumped 22% to $22.59 Monday. The Iowa company’s spokesperson did not immediately reply to a request for comment. Lee‘s papers include the St. Louis Post-Dispatch and the Buffalo News, along with dozens of smaller papers in more than two dozen states.

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.

Alden has a reputation for slashing costs, including selling off newspapers’ real estate, that go even beyond the newspaper industry’s overall turn in that direction. The newspaper business has been consolidating as it struggles with a digital transition and shrinking revenues, and financial firms like Alden have taken an increasingly prominent role as owners. Newsroom jobs dropped nearly in half from 2004 to 2018, according to Pew Research, and the pandemic has exacerbated those stresses. About one-fourth of the country’s newspapers have closed in the past 15 years, according to research from the University of North Carolina.

Alden said Monday that its offer for Lee is a “reaffirmation of our substantial commitment to the newspaper industry and our desire to support local newspapers over the long term.”

The Lee company significantly expanded in 2020 when it bought billionaire Warren Buffett’s newspaper chain from Buffett’s Berkshire Hathaway. At the time, Buffett said, “We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry’s challenges.”

Buffett did not immediately respond to a request for comment Monday.

In a series of tweets Monday, the union for the Omaha World-Herald’s journalists decried a takeover by Alden, calling the hedge fund “awful” and “mercenaries” that gut newsroom staffs and raise subscription prices in an attempt to wring money out of papers.

Copyright © 2021 The Washington Times, LLC.

TAGGED:EntertainmentWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Minimum Wage for Federal Contractors to Rise to  an Hour Minimum Wage for Federal Contractors to Rise to $15 an Hour
Next Article Austria’s Return to Lockdown Met With Anger, Resignation Austria’s Return to Lockdown Met With Anger, Resignation

Editor's Pick

Pleasure parade cancelled after being halted by pro-Palestinian protesters

Pleasure parade cancelled after being halted by pro-Palestinian protesters

Ottawa’s annual Pleasure parade was cancelled on Sunday after it was halted by a native pro-Palestinian advocacy group that blocked the…

By Editorial Board 5 Min Read
Learn This Earlier than Shopping for a Window Air Conditioner
Learn This Earlier than Shopping for a Window Air Conditioner

As is the case for many individuals, my dwelling can't be retrofitted…

11 Min Read
Save 20 % on Our Favourite Earbuds for Android
Save 20 % on Our Favourite Earbuds for Android

Trying to improve your wi-fi earbuds with out reaching deep into your…

3 Min Read

Oponion

Joe Rogan: Blake Vigorous & Ryan Reynolds ‘Ruined Their Repute’ By Suing Justin Baldoni

Joe Rogan: Blake Vigorous & Ryan Reynolds ‘Ruined Their Repute’ By Suing Justin Baldoni

Studying Time: 3 minutes Joe Rogan has taken a facet…

March 26, 2025

Home GOP decision would overturn Biden’s fuel water heater ban

Within the waning days of the…

January 15, 2025

Texas mother’s killer is captured after years on the run. The place did he bury her physique?

This story initially aired on Might…

June 15, 2025

Denny’s provides surcharge to eggs amid nationwide scarcity, worth spike

Vp of Eggs Limitless Brian Moscogiuri…

February 25, 2025

Asking Eric: My pal mentioned I didn’t make the reduce for her elite group. What do I do now?

Expensive Eric: I have a tendency…

October 24, 2024

You Might Also Like

Jessica Simpson & Eric Johnson Noticed on Trip Collectively: Vegas Reunion Within the Works?
Entertainment

Jessica Simpson & Eric Johnson Noticed on Trip Collectively: Vegas Reunion Within the Works?

Studying Time: 3 minutes Again in January, Jessica Simpson and Eric Johnson separated after 10 years of marriage. Whereas the…

4 Min Read
Taylor Swift Marriage ceremony Location: New Zealand Makes a Plea!
Entertainment

Taylor Swift Marriage ceremony Location: New Zealand Makes a Plea!

Studying Time: 2 minutes Right here comes the bride? Very far-off from dwelling? As you very probably know at this…

3 Min Read
Jimmy Fallon Divorce Rumors: The Fact About His Marriage
Entertainment

Jimmy Fallon Divorce Rumors: The Fact About His Marriage

Studying Time: 4 minutes Is Jimmy Fallon headed for a messy divorce like everybody else in Hollywood?! That’s a query…

6 Min Read
Elsie Hewitt Posts Coupled-Up Child Bump Pic With Pete Davidson
Entertainment

Elsie Hewitt Posts Coupled-Up Child Bump Pic With Pete Davidson

Studying Time: 3 minutes There was a time when it regarded like Pete Davidson would proceed enjoying the sphere into…

4 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?