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Look Out Lee Enterprises, Here Comes Alden Global Capital

-- On November 22, 2021, private equity company Alden Global Capital offered to buy Lee Enterprises for about $141 million.

Writing at Nieman Journalism Lab the same day, Joshua Benton takes an in-depth look at the consolidation of ownership in the newspaper business, focusing on Alden Global which he describes as "the news industry's ever-more-engorged leech, a cost-cutting omnivore that makes every newsroom it touches worse":

The vulture is hungry again: Alden Global Capital wants to buy a few hundred more newspapers

Lee Enterprises Completes Purchase of Berkshire Hathaway Newspapers

-- On March 16, 2020, Lee Enterprises became the owner of the newspaper group formerly operated by BH Media Group, a division of Berkshire Hathaway.

The deal includes the Buffalo News in New York state and 29 other daily newspapers, more than 49 paid weekly publications and 32 other print products.

In connection with the transaction, Berkshire Hathaway provided about $576 million in long-term financing to Lee at a 9% annual rate.

Lee issued this press release:
Lee Enterprises completes acquisition of Berkshire Hathaway newspaper operations

Lee Enterprises Managing Berkshire Hathaway Newspapers in 30 markets

-- On July 2, 2018, Lee Enterprises began managing newspapers in 30 markets owned by Berkshire Hathaway's BH Media Group, Inc.

Under the agreement announced on June 26, Lee is now responsible for the business side of the newspaper operations, and BH Media will retain editorial control. Lee said the deal provides it with "flexibility to implement revenue initiatives and business transformation consistent with how it manages its own newspaper and digital operations in 49 markets."

Kevin D. Mowbray, Lee president and CEO, said the management agreement has an initial term of five years and that Lee will receive an annual fixed fee of $5 million plus a significant percentage of profits over benchmarks. He said the operating framework gives Lee broad latitude to manage, while strategic decisions will be agreed upon jointly.

Warren E. Buffett, chairman and CEO of Berkshire Hathaway, said: "I love our newspapers and am passionate about the vital role they serve in our communities. Although the challenges in publishing are clear, I believe we can benefit by joining efforts. Lee Enterprises' growth in digital market share and revenue has outpaced the industry. Lee also has led the industry in overall innovation and performance, all while faithfully fulfilling its public trust as an indispensable source for local news, information and advertising. Our missions and goals match exactly, our markets are similar, and we both have excellent managers. Operating together will strengthen both of us, and Lee is logical to lead the process."

BH Media Group owns 30 daily newspapers, 47 paid weekly newspapers and 32 other print products. Daily newspapers include:

In Alabama: Dothan Eagle, Opelika-Auburn News

In Iowa: The Daily Nonpareil in Council Bluffs

In Nebraska: Omaha World-Herald, The Grand Island Independent, Scottsbluff Star-Herald, The North Platte Telegraph, Kearney Hub, York News-Times

In New Jersey: The Press of Atlantic City

In North Carolina: Winston-Salem Journal, Greensboro News & Record, The News Herald in Morganton, The McDowell News, Statesville Record and Landmark, Hickory Daily Record

In Oklahoma: Tulsa World

In South Carolina: The Florence Morning News

In Texas: The Eagle in Bryan-College Station, Waco Tribune-Herald.

In Virginia: Richmond Times-Dispatch, The Daily Progress in Charlottesville, The Roanoke Times, Bristol Herald Courier, News & Advance in Lynchburg, Martinsville Bulletin, Danville Register & Bee, The Free Lance-Star in Fredericksburg, Culpeper Star-Exponent, The News Virginian in Waynesboro.

The contract does not include The Buffalo News, the paper in upstate New York owned by Berkshire Hathaway.

Plesse consider translating and republishing article from El Tribuno Argentine Newspaper: Leonardo Da Vinci y un nuevo misterio. (Leonardo and a New Secret) It poses astounding historical evidences that Leonardo DaVinci was secretly married to the young widow, Duchess Isabella of Aragon, who bore him five chidren. Some of the evidences include the Renaissance paintings of Leonardo and his contemporaries.

The article is based ont he research of German born historian and author Maike Vogt-Luerssen, who remains controversial with art historians, though none have been able to disputed her claims and historical sources.

Thank you.
DL Sanchez

This company remains a farce!! Mr. Swenson nailed so many points! Regardless of the geographical location, specifically individual papers, remain unified into manipulating and half truthing real world occurrances! Freemonter addresses comments, another amazing point, however, how could we expect less when the articles themselves contain the same types of manipulation!! Currently going through Chapter 11... Cant imagine why

I want to know why Lee Enterprises fails to report REAL news? Why does the American public facilitate this type of abject failure to report, failure to investigate and deliberate miss-information campaigne, by supporting this Enterprise?
What about, the truth behind Oklahoma City Bombing, which was never reported by Lee Enterprises? What about the truth behind Waco, which was never reported by Lee Enterprises. What about Lee Enterprises push towards world governance, and their lack of support for a free and independant United States of America?
Wake up John Q. public, you are being manipulated by a megalithic, moniacle, multinational media conglomerate, with one goal accomplished through the "Hegelian Dialectic", problem-solution-reaction. Freedom vs Communism = Socialism

Will Doolittle at the Post Star is the best thing going in local newspapers. A treasure.

THE CARLISLE SENTINEL, CARLISLE PA IS GOING DOWN HILL FAST. CAN READ IT IN ABOUT TWO MINUTES AND THE HARRISBURGH PATRIOT HAS THE SENTINEL BEAT BY MILES. I WILL BE SOON CHANGING TO THE PATRIOT. STILL WAITING FOR TODAYS PAPER 2;30 P.M. AND ON THURSDAY WE HAD A WEDNESDAY PAPER IN OUT BOX. DUH NEED I SAY MORE