Seacrest, a former reporter for the Nebraska State Journal, purchased the Lincoln Evening News, which was published by the State Journal as an evening edition. In one editorial in 1890, Gere famously likened the Farmer's Alliance and its candidates to "a herd of hogs", criticizing the party for disrupting Republican party politics in the state. Having served in the first governor's administration, the state constitutional convention, the state senate, the education commission, the committee on railroads, and the University of Nebraska Board of Regents, Gere's long history of involvement in local politics and strongly-held views impacted the editorial tone of the paper. As his publication grew, Gere retired from law to become an active part of his newspaper. The following year, the newspaper became a daily. In 1869, two years after moving the Commonwealth to Lincoln, Gere changed the name of the publication to the Nebraska State Journal. As such, Gere became an important voice in the nascent state capital, Lincoln, and the Nebraska Commonwealth became its first newspaper. Gere spearheaded numerous local issues, specifically favoring the idea that all state government functions should be housed in one city as opposed to scattering them across the state. As an attorney who had studied law in Baltimore, Gere quickly became an important figure in Nebraska, serving as the private secretary of the state's first governor. A member of the prominent Gere family, Gere was a New York native and Civil War veteran. On September 7, 1867, Charles Henry Gere founded the Nebraska Commonwealth. The Journal was itself the conglomeration of several previous Lincoln newspapers. The Lincoln Star, established in 1905, was Lincoln's morning newspaper while the Lincoln Journal was distributed in the evenings. The Lincoln Journal Star is the result of a 1995 merger between the city's two historic newspapers. The paper also operates a commercial printing unit. It is the most widely read newspaper in Lincoln and has the second-largest circulation in Nebraska (after the Omaha World-Herald). In Nebraska, where Lee owns 12 newspapers, Omaha World-Herald News Guild President Todd Cooper said an Alden takeover would harm local, daily news in the state and region.The Lincoln Journal Star is an American daily newspaper that serves Lincoln, Nebraska, the state capital and home of the University of Nebraska. The plan would sell new shares to current stockholders at premium prices, making Alden’s takeover bid more difficult and less attractive. Lee’s board quickly adopted a “poison pill” plan which dilutes shares if Alden begins staging a hostile takeover. The hedge fund offered $24 per Lee share, or roughly $141 million. The hedge fund’s proposal to purchase Lee Enterprises and its many newspapers came in late November, casting alarm through Lee-owned newsrooms. Lee Enterprises is headquartered in Davenport, Iowa and owns ten newspapers in the state. Alden is not entitled to invent its own process for its convenience.”Īlden did not immediately respond to a request for comment. “Alden’s failure is entirely of its own making. “Alden’s hasty and convoluted attempt to work around our simple and common procedure on the eve of the nomination deadline does not meet the clear requirements of Lee’s bylaws,” a statement from Lee read. Lee said in a statement that Alden made its nominations through a third-party that does not own Lee shares and “failed to meet the most basic and most important requirements” on the nomination process. During its purchase of Tribune Publishing, the hedge fund slowly gained seats on Tribune’s board as part of its strategy for acquiring control of the company. Gaining seats on the boards of companies it hopes to purchase is a tactic Alden has used in past takeovers. The deadline for nominees to Lee’s board has passed, however, and Lee says Alden will not be able to try again. The nominees would have been considered at the company’s 2022 quarterly meeting next Thursday. Louis Post Dispatch, the Omaha World-Herald and many other daily newspapers throughout the region, is staving off a takeover attempt by Alden Global Capital, a New-York based hedge fund.Īlden is infamous for slashing jobs at the newspapers it purchases, among other cost-saving measures. On Friday, Lee rejected a trio of nominees Alden Global Capital nominated to its board of directors, claiming the nominations are invalid due to an error Alden made in the filing process that violated the board’s by-laws. A fight for control of 77 newspapers, 24 of which are located in the Midwest, continues as a hedge fund known for slashing newspapers hit a speed bump in its plans to acquire Lee Enterprises Inc.
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