The board of Lee Enterprises, a publicly traded company that owns daily newspapers and other publications serving 77 markets, has unanimously rejected Alden’s unsolicited proposal to buy it. Lee’s papers include the Richmond Times-Dispatch.
In a statement, Lee chair Mary Junck said Alden’s proposal “grossly undervalues Lee and fails to recognize the strength of our business today.”
According to CNN, “Alden has garnered a reputation for destroying local newsrooms. In a recent cover story for the Atlantic, journalist McKay Coppins wrote, “There’s little evidence that Alden cares about the ‘sustainability’ of its newspapers.” Vanity Fair described Alden as the “grim reaper of American newspapers.” The editorial board at the Denver Post published an editorial in 2018 that called Alden, the parent company of the paper’s owner, “vulture capitalists” after the hedge fund implemented deep cuts.”