Bloomberg and other sources reported that Alden Global had offered to acquire Lee in a deal that would value the publishing company at a $142 million.
Alden Global has a reputation for aggressive cost cutting, although Alden Global executive Heath Freeman told the Wall Street Journal in an interview last year that the hedge fund had never closed a newspaper, although it has a history of merging titles and slashing staff to cut costs.Lee owns the St.
Louis Post-Dispatch, Arizona Daily Star in Tucson and the Buffalo News, among other local news products. Lee purchased the Buffalo News as part of an acquisition of Berkshire Hathaway’s media group newspaper business for $140 million.
Read more on thewrap.com
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