Lee Enterprises

Alden Global Capital, a hedge fund with a reputation for diminishing the newspapers it owns, appears to backing off its attempt to take over the parent company of the St. Louis Post-Dispatch and Omaha World-Herald.

Lee Enterprises, which owns the St. Louis Post-Dispatch and nearly two dozen other Midwest newspapers, last week rebuffed a $141 million bid from Alden Global Capital, which has a reputation for saddling newspapers with debt and aggressively cutting costs.

Lee Enterprises' board of directors rejected a buyout offer from Alden Global Capital, a hedge fund known for downsizing the newspapers it owns.

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.