Welcome to our dedicated page for Lee Enterprises news (Ticker: LEE), a resource for investors and traders seeking the latest updates and insights on Lee Enterprises stock.
Lee Enterprises, Inc. (NASDAQ: LEE) is a leading provider of local news, information, and advertising services predominantly in midsize markets. Established in 1890 by A.W. Lee in Iowa, the company has a rich history, with its newspapers tracing origins back to the mid-1800s. Among its notable alumni, the teenage Samuel Clemens, later known as Mark Twain, contributed to the Muscatine Journal in Iowa.
Today, Lee Enterprises operates 46 daily newspapers and has joint interests in two additional newspapers. The company also boasts nearly 300 specialty publications in 21 states, catering to local communities with high-quality, trusted, and intensely local news and information. This traditional newspaper foundation is augmented by rapidly growing digital products, reflecting the company's commitment to evolving with the digital landscape.
Lee's product portfolio includes digital subscription platforms, daily, weekly, and monthly newspapers, and niche products. These offerings deliver original local news, national and international news, and a variety of advertising and marketing services. The content is accessible in both print and digital formats, ensuring real-time availability through websites and mobile apps. Major markets served include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ.
Recently, Theodore F. Olt III was elected by the board to serve as the new secretary and general counsel, succeeding C. Dana Waterman III. This transition marks a significant leadership change, aligning with Lee's ongoing digital transformation and strategic growth initiatives. Olt's extensive legal background, including his tenure at Lane & Waterman LLP, positions him well to support Lee's corporate governance and transactional matters.
Lee Enterprises has consistently demonstrated financial resilience, with recent reports detailing strong operational performance and strategic adjustments to protect long-term shareholder value. The company’s newspapers have an average daily circulation of 1.0 million, and its digital platforms reach over 33 million unique visitors monthly. This robust digital presence underscores Lee's commitment to delivering premium local content while expanding its digital footprint.
For more information, visit their official website at www.lee.net or contact the investor relations team at IR@lee.net.
Alden Global Capital, which owns approximately 6.3% of Lee Enterprises (NASDAQ: LEE), is launching a "Vote No" campaign to remove incumbent board members Mary Junck and Herbert Moloney III. This initiative follows a Delaware court ruling that upheld the company's decision to dismiss Alden's independent director candidates. Alden claims that Junck and Moloney are responsible for poor corporate governance and performance, including excessive payments to related parties. Alden urges that a majority voting standard be used in the upcoming 2022 Annual Meeting to ensure accountability among directors.
Lee Enterprises announces that the Delaware Chancery Court has ruled in favor of its Board of Directors, rejecting Alden Global Capital's director nominations for the upcoming Annual Meeting on March 10, 2022.
The Court found Lee's Board acted reasonably in enforcing corporate bylaws, allowing Lee to proceed with its own nominees. Lee's Board is urging shareholders to vote for its three selected nominees to support the company's digital growth strategy.
TownNews and Tekan have entered an exclusive partnership, making TownNews the primary CMS provider for a coalition of Canadian publishers. This agreement marks a significant expansion for TownNews, which has a strong presence in the U.S. but limited reach in Canada. Tekan aims to enhance the digital advertising landscape for publishers by leveraging scale and cost efficiencies. TownNews' comprehensive technology stack includes advanced analytics, subscription tools, and multimedia publishing systems. Notably, Torstar will be the first Canadian publisher to adopt this solution.
Lee Enterprises, Incorporated (NASDAQ: LEE) issued a brochure urging shareholders to vote for its board's three nominees using the WHITE proxy card in advance of its Annual Meeting on March 10, 2022. The brochure emphasizes Lee's Three Pillar Digital Growth Strategy, which has produced strong results and is essential for the company's long-term goals. Lee aims to protect shareholder investments through continuity in its board leadership. All shareholders as of January 12, 2022, are eligible to vote, and additional details can be found on the company’s website.
Lee Enterprises reported strong first-quarter fiscal 2022 results, with net income of $13.2 million and total operating revenue of $202.3 million. Digital revenue surged to $55 million, up 17% year-over-year, driven by a 57% increase in digital-only subscribers, reaching 450,000. Subscription revenue contributed significantly, making up 53% of total revenue. Digital advertising revenue rose by 19%, supported by 69% growth at Amplified Digital Agency. The company aims for 495,000 digital-only subscribers by year-end 2022, forecasting total digital revenue of $230 million for the fiscal year.
Alden Global Capital, holding approximately 6.3% of Lee Enterprises (NASDAQ: LEE), announced plans to elect two independent directors, Colleen Brown and John Zieser, replacing incumbents Mary Junck and Herbert Moloney III, who have served over 20 years. Alden criticizes the current Board’s governance, arguing it prioritizes personal interests over the Company's growth and potential. They emphasize a commitment to enhancing corporate governance and driving value for stockholders, urging shareholders to reject misleading narratives from the Board.
Lee Enterprises (NASDAQ: LEE) has scheduled a conference call and audio webcast for February 3, 2022, at 9 a.m. Central Time. This event will provide preliminary financial results for the first fiscal quarter ending December 26, 2021. Interested participants can access the live webcast via lee.net, with a replay available after 24 hours. The conference call will be available through a toll-free number, although listen-only participants will not be able to ask questions. Lee Enterprises operates in 77 markets and serves a wide audience through various news platforms.
Lee Enterprises (NASDAQ: LEE) announced the filing of definitive proxy materials for its 2022 Annual Meeting on March 10, 2022. Shareholders as of January 12, 2022, can vote to support the Board’s three nominees amidst a hostile bid from Alden Global Capital, valuing Lee at only $24 per share—33% below the market price. Lee urges shareholders to vote 'FOR' its nominees to preserve strong Board leadership and ensure fair evaluation of any proposals. Additional information and proxy materials are available at Lee's investor website.
Lee Enterprises, Incorporated has unanimously rejected Alden Global Capital's unsolicited proposal to purchase the company for $24.00 per share, deeming it significantly undervalued. The Board, supported by financial and legal advisors, emphasized the robust growth of Lee's digital subscription platform and its compelling future prospects, highlighting a 37% increase in digital revenue and 65% growth in digital-only subscriptions in their latest quarter. The company remains committed to its Three Pillar Digital Growth Strategy aimed at driving further value creation.
Lee Enterprises reported fourth quarter results for 2021, showing a 193.9 million total operating revenue, a 37% increase in digital revenue, and a 65% growth in digital-only subscribers to over 402,000. Net income reached 5.3 million, with Adjusted EBITDA at 25.8 million, both up year-over-year. The company achieved significant cost synergies of 112 million from the BH Media acquisition and reduced debt by 55.7 million, improving financial stability. Subscription revenue was 87.8 million, a slight 1.6% decline compared to last year.
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