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.
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 papers include the St. Louis Post-Dispatch and the Buffalo News, along with dozens of smaller papers.
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