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Lee Enterprises rejects Alden’s $144M purchase offer
Lee Enterprises Inc.’s board unanimously rejected Alden Global Capital‘s $144 million buyout offer made last month, saying it “grossly undervalues” the company and its newspapers, which include 31 publications in Virginia. “The Alden proposal grossly undervalues Lee and fails to recognize the strength of our business today, as the fastest-growing digital subscription plat[...]
Newsroom unions urge Lee to reject Alden’s offer
A dozen Lee Enterprises newsroom unions, including three in Virginia, wrote an open letter to company management Monday, urging Lee to reject Alden Global Capital‘s purchase offer of approximately $144 million. “Alden has cut their staffs at twice the rate of competitors, resulting in the loss of countless jobs,” the letter reads. “They’ve fostered unhealthy […[...]
Alden Global Capital seeks to buy Lee Enterprises for $144M
Alden Global Capital, the hedge fund that owns The Virginian-Pilot and Daily Press in Virginia, has proposed purchasing Lee Enterprises, the Iowa-based owner of the Richmond Times-Dispatch and most other major Virginia newspapers, for approximately $144 million, Alden announced Monday. If accepted, the $24 per share purchase price would consolidate 12 of Virginia’s daily legacy […]
Richmond’s Style Weekly shuts down after nearly 39 years
After close to 39 years, the Richmond-based alternative weekly newspaper Style Weekly will shut down this week, Editor-in-Chief Brent Baldwin posted on Style’s Facebook page Tuesday. The publication’s closing came three years after Norfolk-based Landmark Communications Inc. sold its Virginia newspapers — The Virginian-Pilot, Inside Business and Style Weekly — and their associated b[...]
