Will hedge fund become new owner of two Arizona newspapers?

A hedge fund with a history of acquiring newspapers and a reputation for slashing their newsroom staffs may become the next owner of two publications in Arizona. Alden Global Capital LLC on Monday offered to buy Lee Enterprises for $24 per share in cash, approximately 30% more than Lee’s closing share price of $18.49 on Nov. 19. Lee's stock jumped after the news became public, closing Monday at $23.40, an increase of $4.95 — or 26.8%. The deal values Lee Enterprises at about $141 million. Lee's…