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“It’s a somber time,” said Jackson Brandhorst, the newspaper's former editor in chief.
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The judge in the case compared information sharing to video-store rentals in case against Iowa-based Lee Enterprises, owner of the St. Louis Post-Dispatch.
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A top investor thinks the owner of newspapers like St. Louis Post-Dispatch and Omaha World-Herald are entering a difficult business climate with advertising sales continuing their decline.
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Alan Achkar is now executive editor of the St. Louis Post-Dispatch, his second stint at the daily.
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Shareholders for Lee Enterprises, owner of the St. Louis Post-Dispatch and 23 other papers in the Midwest, re-elected three directors on Thursday. That news could complicate any future takeover bid by Alden Global Capital.
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The lawsuit isn’t unexpected. Journalism analysts and union representatives had anticipated that Alden Global Capital would continue to aggressively pursue a deal for the newspaper owner.
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Harris Kupperman, who owns 7.3% of Lee Enterprises' shares, called Alden Global Capital's offer to buy the publisher for $141 million "insufficient and opportunistic."
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Lee executives said the hedge fund, known for gutting the newspapers it acquires, did not follow the rules in trying to nominate three people to the the publisher's board.
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New York-based Alden Global Capital is offering to buy Lee Enterprises, which owns the St. Louis Post-Dispatch, the Omaha World-Herald, the Sioux City Journal and other newspapers around the Midwest.
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Billionaire Warren Buffett's company now owns about 3.2 percent of Lee Enterprises' stock as Berkshire Hathaway Inc.'s newspaper holdings continue to…