Alden Global Capital has bought more stock in Lee Enterprises and now owns 13% of Lee’s available shares, the Lee-owned Courier (Waterloo, Iowa) reported.
Alden more than doubled its stock in the Iowa-based company last week. Alden’s MNG Enterprises bought 4,099,700 Lee shares for around $10 million, which amonts to some 7.1% of Lee.
Lee has scheduled an audio webcast and conference call for June 18 at 9 a.m. central time. Lee plans to issue a news release before market open that day with preliminary results for its second fiscal quarter ending March 29.
With its recent purchase of BH Media, Lee is now in 77 markets.
Industry-watchers are also noting that Aldentook a 32% stake in Tribune Publishing in fall and was limited from boosting its stake in Tribune Publishing to more than 33% until June 30.