By Sara Fischer, Kerry Flynn, Axios
Lee Enterprises has been quietly laying off dozens of employees across its local papers and at the corporate level as it continues to cut costs following the unsolicited takeover bid from hedge fund Alden Global Capital, sources tell Axios.
Why it matters: Lee is one of the last remaining independent local newspaper companies. With these drastic and ongoing cuts, journalists are left to wonder whether a hedge fund takeover could have been better than staying independent.
By the numbers: One source said more than 400 roles are expected to be cut in total this year across at least 19 Lee-owned local papers and corporate functions.
- The cuts could represent as much as 10% of Lee’s total staff being reduced. On September 26, 2021, Lee said it had approximately 4,793 full-time equivalent employees, 805 in unions.
- Lee owns and operates around 75 daily newspapers and nearly 350 weekly and specialty publications across 77 markets in 26 states.
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