The board of Lee Enterprises has unanimously voted to reject an unsolicited takeover proposal from Alden Global Capital, a hedge fund known for cutting journalists at local papers to maximize profits.Why it matters: Lee is one of the last remaining independent local newspaper chains. Alden's hostile takeover bid sparked panic about the death of local news.In the past decade, private investment firms have sought to buy out local news companies that they can consolidate for profits. Such efforts resulted in the loss of thousands of local news jobs.

https://www.axios.com/lee-enterprises-board-reject-alden-takeover-ee99d57c-1987-4427-8694-6f777c306618.html

#axios