Alden Global Bids For Lee Enterprises, Publisher of Buffalo News and Others

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Alden Worldwide Cash, the New York hedge fund that acquired Tribune Publishing this yr, mentioned on Monday that it was producing an provide for a different big American newspaper chain, Lee Enterprises, the publisher of 90 day-to-day newspapers which includes The Buffalo Information, The Richmond Occasions-Dispatch and The Omaha Entire world-Herald.

In a letter to Lee Enterprises’ board of directors, Alden proposed a cash buy at $24 a share, about 30 p.c extra than the company’s closing share price tag on Friday of $18.49. The offer values the business at about $141 million.

A number of the papers in the Lee Enterprises stable have been when the residence of the billionaire Warren E. Buffett, who soured on the business in current many years and claimed most newspapers have been “toast.” Lee Enterprises managed the 31 daily newspapers and dozens of weeklies owned by Mr. Buffett for a time in advance of he offered them to that company in 2020 for $140 million.

Alden, which owns approximately 200 publications as a result of its MediaNews Group subsidiary, acquired a 6 % stake in Lee Enterprises in 2020. In its letter to the Lee Enterprises board on Monday, Alden explained that, if it became the proprietor, the chain “would be in a much better posture to optimize its assets and realize strategic price that enhances its functions and supports its staff in their important perform serving area communities.”

Immediately after many years of steadily buying up newspapers throughout the state, Alden has grow to be a drive in the newspaper industry, second only to Gannett, the publisher of Usa Currently and far more than 260 other dailies. Journalists have denounced Alden’s exercise of slashing charges at the publications it owns, often via layoffs. Alden says it has saved several papers from going out of business enterprise.

In May possibly, Alden purchased Tribune Publishing, the chain that consists of The Chicago Tribune and The Day-to-day News in New York, in a offer valued at $633 million.

Lee Enterprises was launched in 1890 and owns newspapers across 26 states, in accordance to its internet site. A spokesman for the business did not immediately respond to a ask for for remark.