A hedge fund group known for eliminating newspaper reporting jobs to maximize profits is trying to buy the publisher of Arizona newspapers in Tucson and Flagstaff.
Alden Global Capital has tried to acquire journalism outlets in Arizona before.
In 2019, it tried a hostile takeover of Gannett, which owns the Arizona Republic. Shareholders rejected that move.
On Monday morning, Alden Global announced it wants to acquire Lee Enterprises, the publisher of the Arizona Daily Star in Tucson and the Daily Sun in Flagstaff. Alden Global proposed buying the company for $24 per share, about a third more than what the stock closed at late Friday.
The hedge fund developed a reputation for trimming the newspaper chains it acquires through buyouts and layoffs. Lee Enterprises bought into the Arizona market 15 years ago.