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Hedge fund seeks takeover of Atlantic City newspaper

By David Wildstein, November 30 2021 9:13 am

The newspaper chain that owns The Press of Atlantic City and more than 70 daily newspapers across the U.S. is fighting back a hostile takeover by a hedge fund with a history of making draconian costs cuts and layoffs.

Alden Global Capital made a similar bid to purchase Gannett in 2019 but was unsuccessful.

The Atlantic City newspaper, one of just two remaining New Jersey publications that still aggressively covers local news, is currently owned by Lee Enterprises.

The hedge fund had offered $24 a share to but the newspaper chain.

“Our interest in Lee is a reaffirmation of our substantial commitment to the newspaper industry and our desire to support local newspapers over the long term,” Alden wrote in a letter to Lee.

Unions representing a dozen newsrooms – the Press of Atlantic City is not unionized – oppose the deal. One, the Omaha World-Herald Guild, called Alden “the assassin of local news.”

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