A multi-million dollar proposal could land more two dozen of the Midwest’s local newspapers in the hands of a New York-based hedge fund known for slashing its papers “to the bone.”Alden Global Capital revealed a proposal Monday to purchase Lee Enterprise Inc. and its newspapers at $24 a share, casting alarm through the many newsrooms owned by Lee.Lee counts the St. Louis Post-Dispatch, the Omaha World-Herald and the Sioux City Journal among its holdings in the Midwest.Alden is a hedge fund that has become one of the largest owners of newspapers across the United States, including the Denver Post and The Mercury News in San Jose, California. Alden has developed a reputation for cost-cutting and downsizing the staff of newspapers it owns.Alden earlier this year bought Tribune Publishing, whose flagship newspapers include the Chicago Tribune and Baltimore Sun.In a letter to Lee’s board of directors, Alden said it was interested in Lee as part of its commitment to the news industry in the...
