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.
Lee Enterprises (NASDAQ:LEE) has received an unsolicited, non-binding proposal from Alden Global Capital to acquire the company for $24.00 per share in cash. The Board of Directors, in consultation with financial and legal advisors, is reviewing the proposal to ensure it aligns with the best interests of shareholders. Shareholders are advised to take no action at this moment. Lee Enterprises operates a major local news and information platform across 77 markets in 26 states, with an average daily circulation of 1 million and over 47 million digital unique visitors.
Alden Global Capital has proposed to acquire Lee Enterprises (NASDAQ: LEE) for $24.00 per share, a 30% premium over its closing price of $18.49 on November 19, 2021. Alden, which owns approximately 6% of Lee's common stock, aims to strengthen local journalism and enhance operational efficiency as a private entity. The proposal includes a commitment to financing without contingencies and anticipates a swift completion, pending due diligence. Alden emphasizes the need for scale in the newspaper industry to remain competitive during challenging market conditions.
Lee Enterprises Inc. (NASDAQ: LEE) has partnered with Mudd Advertising, a full-service automotive agency, to enhance cross-channel marketing for automotive dealers. This collaboration utilizes Lee's Vision platform, designed to streamline and improve advertising strategies. Mudd Advertising aims to simplify complex marketing through this innovative technology. Lee's Vision software plays a crucial role in the company's ongoing digital transformation strategy. Lee Enterprises serves 77 markets, with an average daily circulation of 1.0 million for its newspapers and over 47 million digital unique visitors.
Lee Enterprises reported a robust performance for Q3 fiscal 2021, with total operating revenue rising by 7.6% to $196.5 million. Digital revenue soared by 48.3%, reaching $66 million, fueled by a 90.3% increase in Amplified revenue. Digital subscriptions grew by 50.5%, totaling 337,000, while subscription-based revenue accounted for 55% of total revenue. The company achieved $110 million in cost synergies since acquiring BH Media and Buffalo News, reducing debt to $485.2 million. Total cash costs decreased by 3.3%.
Lee Enterprises (NASDAQ: LEE) has announced an audio webcast and conference call scheduled for August 5, 2021, at 9 a.m. Central Time. The company will release preliminary results for its third fiscal quarter ending June 27, 2021, before the market opens that day. Investors can access the live webcast on register here.
Lee Enterprises (NASDAQ: LEE) announced a collaboration with Amazon Advertising to provide Over The Top (OTT) advertising services to over 35,000 local business advertisers. This initiative aligns with Lee's digital transformation strategy and aims to enhance advertising solutions in the rapidly growing OTT space. Through this partnership, advertisers can reach an unduplicated monthly audience of 120 million viewers via platforms like IMDb TV and Twitch. Lee's extensive local market presence and strong sales culture position it well to capitalize on this opportunity.
Lee Enterprises, a leading provider of local news and information, has appointed Alexa Wilson as vice president of brand and strategic marketing, effective May 17. This new role aims to enhance readership, subscriptions, and consumer engagement across Lee's digital and print products. Wilson, previously of NBCUniversal, brings extensive experience in digital media branding. Lee operates in 77 markets with an average daily circulation of 1.2 million newspapers and over 56 million digital unique visitors, reinforcing its position in local media.
Lee Enterprises reported second quarter fiscal 2021 results, with total operating revenue of $192.4 million and a net loss of $0.6 million. Digital-only subscribers increased by 58%, totaling 309,000. Adjusted EBITDA rose to $24.1 million, and total digital revenue reached $59.5 million, up 29.7% year-over-year. The company reduced debt by $25 million to $465 million. Despite a 8.1% decline in pro forma revenue, subscription revenue grew 1.8%, and digital marketing services saw growth of 26.3%.
Lee Enterprises (NASDAQ: LEE) announced an audio webcast and conference call scheduled for May 6, 2021, at 9 a.m. Central Time to discuss preliminary results for its second fiscal quarter ending March 28, 2021. A news release will precede the call, and the webcast will be accessible on lee.net, with a replay available shortly after. Lee Enterprises operates as a significant subscription and advertising platform, providing local news in 77 markets with an average daily circulation of 1.2 million. The company serves a vast audience of over 44 million digital unique visitors.
Lee Enterprises Joins Nasdaq
On April 19, 2021, Lee Enterprises (NASDAQ: LEE) completed its transfer to the Nasdaq Global Select Market, marking a significant milestone in its growth strategy. The company aims to enhance visibility among investors as it accelerates its digital transformation. President and CEO Kevin Mowbray emphasized the importance of this move in connecting with a broader investor audience and executing a strategy focused on recurring revenue growth. A virtual bell-ringing ceremony is set for April 20, 2021, to celebrate this achievement.
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