Lee Slashes Jobs Following Hostile Takeover Attempt

From a story on axios.com by Sara Fischer and Kerry Flynn headlined “Lee quietly slashes jobs following hostile takeover attempt”:

Lee Enterprises has been quietly laying off top editors and other staff across its local papers. The cost-cutting moves come after an unsolicited takeover bid from Alden Global Capital, a hedge fund known for consolidating local news for profit.

Why it matters: Journalists at Lee-owned papers across the U.S. say that at this point, they don’t know whether staying independent or a hedge fund takeover is worse. “If Alden is a cancer on journalism, Lee is COVID, MRSA and SARS,” one former editor told Axios.