Alden Launches $142 Million Bid for Publisher Lee Enterprises
- Offers $24 a share for the owner of St. Louis Post-Dispatch
- Lee Enterprises bought Warren Buffett’s newspapers in 2020
This article is for subscribers only.
Alden Global Capital, the hedge fund that owns the Chicago Tribune and New York Daily News, offered to buy Lee Enterprises Inc. for about $142 million, seeking a larger share of the struggling newspaper business.
In a letter to Lee’s board, Alden offered $24 a share in cash for the chain, which owns dozens of publications including the St. Louis Post-Dispatch. That’s a 30% premium over Lee’s closing price on Nov. 19.