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After The Post sent inquiries to the company’s executives, the website for Twenty Lake Holdings was replaced with a page saying “Our website is under construction.” Company president Joseph E. Miller declined to comment.

Alden has moved more aggressively to make money off its real estate than competing media companies. For Alden, the Commercial Appeal’s building may not have been an afterthought but its main target.

While Gannett is resistant to Alden’s hostile bid for the company’s newspapers, Gannett has already sold at least six of its buildings — at least five of them within the past year — to Twenty Lake Holdings or an affiliate

Gannett sold Twenty Lake the headquarters of the Asheville Citizen-Times in North Carolina for $3.2 million. In a transaction the county recorded on the same day, Twenty Lake flipped the property to a local developer for $5.3 million

the newspaper industry, which lost 45 percent of newsroom positions between 2008 and 2017

At several Digital First newspapers, employees now must work at home or from coffee shops, their brick-and-mortar newsrooms sold and replaced with the most profitable alternative: nothing.

At the dozen Digital First publications represented by the NewsGuild, the number of union jobs has declined nearly 70 percent, from 1,552 in 2012 to 487 in 2018. University of North Carolina researchers found, based on 12 newspapers, that Digital First has cut staff at a rate more than twice the national average during that time.

a pure liquidation strategy

After Alden acquires a newspaper, the team of companies it backs moves to monetize every square foot of its real estate.

In January, layoffs at BuzzFeed and HuffPost accentuated the difficulty of growing a digital news business. On Jan. 24, Gannett began laying off dozens more newsroom staffers around the country.

At the Delaware County Daily Times in Pennsylvania, the staff shrunk from 125 people to 25 in six years, said Bill Ross, executive director of the NewsGuild of Greater Philadelphia. Digital First sold the paper’s old building for $2 million in 2016; reporters and editors now work out of a converted CVS and bicycle repair shop.

The union that represents reporters at Digital First has tried to persuade Duke — to which his family has been a major donor — to remove Heath Freeman from the advisory board of the Freeman Center for Jewish Life because of his role in “weakening American news collection and disserving American democracy.”

“You’re going to take the profits that you reap as a result of cutting our staff and hurting the community that we serve, and you’re going to use it to buy stock in Fred’s pharmacy and then lose all that money?” Brandt said. “That’s what our purpose is? That’s what our sacrifice was for?”