Day: November 23, 2021

Asset-Stripping Lee Enterprises Is Being Sniffed By A Global Hedge Fund As A Former Griz Positions Himself To Cash In On Another Prime Piece Of Missoula Real Estate

by Travis Mateer

One of the reasons there’s any value in citizen journalist efforts like mine is because hedge funds that want to buy hollowed out newspapers assets, like Lee Enterprises, say shit like this about what will result if the sale goes through:

In a letter to the Lee Enterprises Board of Directors, Alden said: “We believe that as a private company and part of our successful nationwide platforms, Lee would be in a stronger position to maximize its resources and realize strategic value that enhances its operations and supports its employees in their important work serving local communities.

The “Alden” in the quote is Alden Global Capital LLC, and I’m sure they appreciate what Lee has done to get its limping group of newspaper rags to continue the semblance of doing “important work serving local communities”.

For a reminder what Lee Enterprises has done, here is an excerpt from my post on September 11th, 2018, as news broke that the Missoula Independent had been put down like a mangy dog in the street:

Today was just made all the more depressing by breaking news that Missoula’s alt-weekly, the Missoula Independent, is shut down as of 8am this morning. The doors are locked, the corporate overlords are smiling and Matt Gibson is victorious over the unionizing staff he threw to the corporate wolves.

This move will have implications that reach far beyond Missoula. Shutting down the Indy is not some isolated, objective financial decision, it’s a corporate message of intimidation to any other Lee Enterprises staff thinking of unionizing.

The corporate fucks who keep a few warm bodies in the Missoulian building to get in Twitter fights and protect influential non-profits, like United Way of Missoula County, aren’t done stripping their asset of value quite yet, as evidenced by the end of the MTN news piece:

Lee Enterprises has already been making downsizing/cost-cutting efforts in recent years. The Billings Gazette, Montana’s largest newspaper, announced in September it will sell its current building with the intention of moving into a smaller location somewhere in town.

The Missoulian is also selling its building in downtown Missoula.

And that’s where the article ends, just as the FUN is really starting at 500 S. Higgins, one of the most prime pieces of real estate currently waiting for the magical touch of developers.

Here’s my kick-ass co-host, Tim Adams, framing the irony of this on Twitter:

Where can Jim Strauss stash the Twi-porters? Hopefully somewhere where Patriot Pastors can’t find ’em.

Here’s the publisher of the Missoulian congratulating one of his Twi-porter for insinuating without specifying the Patriot Pastor needs to fact-check himself:

In today’s podcast episode, which I’ll try to post early since it was recorded yesterday, Tim and I have a great conversation about crime and narrative control, especially as it relates to the County Attorney’s office run by the infamous Kirsten Pabst. I also discuss some of the context around why I removed yesterday’s post.

Thanks for reading!