![]() Lee owns daily newspapers in 77 markets in 26 states, and about 350 weekly and specialty publications. In November 2021, Alden Global Capital made an offer to purchase Lee Enterprises for $24 a share in cash, or about $141 million. With its acquisition of Tribune Publishing in late May 2021, Alden is collectively the second-largest owner of newspapers in the United States, as calculated by average daily print circulation, second only to Gannett. The company operates its media holdings through Digital First Media (DFM), which it acquired in 2010 after DMG's parent company, MediaNews Group, declared bankruptcy. The company added more newspapers to its portfolio in May 2021 when it purchased Tribune Publishing and became the second-largest newspaper publisher in the United States. By mid-2020, Alden had stakes in roughly two hundred American newspapers. Alden Global Capital is a hedge fund based in Manhattan, New York City.
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