(WFXR) — Lee Enterprises, the company that owns 77 newspapers including the Roanoke Times, Lynchburg News Advance, and Danville Register & Bee, is taking steps to slow a hostile takeover.
Lee Enterprises is employing a ‘poison pill’ defense strategy. The move will allow current stockholders to buy half-priced shares for a year if a company buys 10 percent of the business. This will make it more expensive for Alden to buy Lee Enterprises.
The union representing workers at the Roanoke Times says Alden has a reputation for laying off staff and selling properties.
However, Alden says its aim is to support local newspapers over the long term.
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