![]() ![]() ![]() ![]() Lee has made its own acquisitions to strengthen its reach. The unions of some Lee-owned papers wrote an open letter urging Lee’s board to reject it. When news broke of Alden’s proposal last month, local journalists immediately spoke out against the deal. Gannett merged with GateHouse Media in late 2019.Įarlier this year, Alden acquired Tribune Publishing, which owns The Chicago Tribune, The Baltimore Sun and other local papers, and has proceeded to dramatically reduce staff through buyouts and other cuts. The following year, Gannett, the largest newspaper chain in the country, rejected a bid from the same media company owned by Alden. 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. “We remain confident in our ability to create significant value as an independent company,” Junck continued.Īlden has garnered a reputation for destroying local newsrooms. ![]() In a Thursday statement, Lee chair Mary Junck said Alden’s proposal “grossly undervalues Lee and fails to recognize the strength of our business today.” ![]()
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