In a filing with the SEC, MNG (MediaNews Group) says it
intends to talk to Lee about “the recently announced acquisition of Berkshire
Hathaway’s newspaper operations” and matters pertaining to Lee’s 2020 annual
meeting.
The buy
involved 3.4 million shares at $2.7173/share.
The news
will undoubtedly generate speculation about future Alden moves in the industry,
which could be significant. Tribune Publishing and McClatchy are among
properties to watch.
In November,
New York-based Alden became the biggest shareholder in Tribune Publishing.
Tribune Publishing then added two Alden representatives to the company’s board,
making it eight members. Alden is barred from boosting its stake in the company
to more than 33 percent until the end of June. “Journalists are wary of Alden
because of its cut-to-the-bone management strategy,” said a Jan. 26 story in The New York Times.
The piece
focused on Chicago Tribune staffers’ attempts to get entities other than Alden
to take over the paper.
Sacramento-based
McClatchy, the second-biggest newspaper publisher in the country by
circulation, skipped a $12 million debt-interest payment due Jan. 15. The
company also missed a pension payment.
McClatchy
has been in restructuring negotiations with lenders and bondholders as well as
Pension Benefit Guaranty Corp., the U.S. government’s pension insurer,
as it aims to stave off bankruptcy.
Denver-based
MNG Enterprises, which also does business as Digital First Media, was recently
in the news for its hostile takeover attempt to acquire USA Today parent
Gannett. GateHouse parent New Media Investment Group completed a $1.2 billion
cash-and-stock buy of Gannett, the companies announced Nov. 19.
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