Lee Says No to Alden

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The board of Lee Enterprises has unanimously rejected the buyout offer from Alden Global Capital.

Lee is one of the last and the largest independently owned chain of newspapers in the United States. Alden is the owner of Tribune Publishing, including the Hartford Courant, and is known for buying newspaper properties and wringing them dry to increase profits. Alden says it is saving the newspaper business by turning local papers into money making operations. Critics say Alden’s cost cutting is killing local news.

It is unclear if Alden has a next move, but it is very clear Lee intends to fight any attempt at an Alden takeover.