LEE - Lee Enterprises, Incorporated

NYSE - NYSE Delayed Price. Currency in USD
+0.0200 (+1.17%)
At close: 4:02PM EST
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Previous Close1.7100
Bid1.7000 x 900
Ask1.7400 x 800
Day's Range1.6800 - 1.7600
52 Week Range1.1800 - 3.6900
Avg. Volume1,025,881
Market Cap100.576M
Beta (5Y Monthly)1.21
PE Ratio (TTM)10.75
EPS (TTM)0.1610
Earnings DateMay 06, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateAug 27, 2008
1y Target Est4.00
  • Reuters

    Charlie Munger says newspaper industry is dying

    Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc, on Wednesday said daily newspapers "are all going to die," as technological advances cause revenue to dry up. Munger, 96, spoke at the annual meeting of Daily Journal Corp, the Los Angeles newspaper publishing company he chairs, though he is better known for his more than four decades as a Berkshire vice chairman. Wednesday's meeting came two weeks after Berkshire threw in the towel on its own newspaper empire, selling 80 daily and weekly papers including its hometown Omaha World-Herald in Nebraska to Lee Enterprises Inc for $140 million.

  • Why the Post-Dispatch’s parent company launched its innovation arm in St. Louis
    American City Business Journals

    Why the Post-Dispatch’s parent company launched its innovation arm in St. Louis

    A new innovation division, Lee Labs, launched in October and is based at the 4220 building in the Cortex district.

  • GlobeNewswire

    Lee Enterprises reports first quarter; digital-only subscribers surpass 100,000 milestone

    DAVENPORT, Iowa, Feb. 06, 2020 -- Lee Enterprises, Incorporated (NYSE: LEE), a leading provider of high quality, trusted, local news, information and a major platform for.

  • Stop spreading the news; Warren Buffett throws in the towel on newspaper business

    Stop spreading the news; Warren Buffett throws in the towel on newspaper business

    Warren Buffett is throwing in the towel on his newspaper business in the latest sign of the pressure on print media in a rapidly changing landscape.

  • Moody's

    Lee Enterprises, Incorporated -- Moody's says Lee Enterprises plan to acquire BH Media Group is credit positive, no immediate ratings impact

    Moody's Investors Service ("Moody's") said that it views Lee Enterprises, Incorporated plan to acquire BH Media Group assets and The Buffalo News and its entry into a long term credit agreement to finance the asset acquisition and refinance existing debt as credit positive. The announcement has no immediate impact to the company's ratings and stable outlook. Lee Enterprises, Incorporated ("Lee"), headquartered in Davenport, IA, is one of the larger newspaper companies in the U.S. Revenue for the 12 months ended September 2019 totaled $510 million.

  • Warren Buffett shredded after his move to get out of the newspaper business

    Warren Buffett shredded after his move to get out of the newspaper business

    Todd Cooper, president of Omaha World-Herald Guild, is not happy with Berkshire Hathaway’s sale of Warren Buffett’s hometown paper to Lee Enterprises, a national chain.

  • GuruFocus.com

    Berkshire Hathaway: Could More Business Sales Be Planned?

    Berkshire's newspaper disposal raises some interesting questions Continue reading...

  • Investopedia

    Why News 'Addict' Buffett Is Selling His Newspaper Assets

    Berkshire Chairman Buffett, who once touted his news properties, is staging a wholesale retreat by selling his holdings to Lee Enterprises.

  • Bloomberg

    Warren Buffett Says Goodbye to His Struggling Newspaper Business

    (Bloomberg) -- Warren Buffett has seen some of his businesses decay before. There was Berkshire Hathaway Inc.’s namesake textile operation, which shut down in 1985. A shoe manufacturer was folded into another business two decades ago, after being bludgeoned by globalization.The latest to go: newspapers.Buffett’s agreement to sell BH Media and the Buffalo News to Lee Enterprises Inc., announced Wednesday, marks a rare divestiture after he spent years snapping up local newspapers. In recent years, he’s lamented the changing economics of the publications and admitted that he wasn’t sure how to make the papers succeed. Now, it’ll be up to Lee to turn the business around.“To make that transition from print to digital, they need a focused player like Lee to put their shoulder to the wheel and make it happen,“ said James Armstrong, who manages about $825 million, including Berkshire shares, as president of Henry H. Armstrong Associates. “Berkshire really can’t contribute in terms of management effort to that.”Buffett, who got a job delivering papers as a teenager and invested in the industry to capitalize on its one-time local advertising stronghold, said last year that most newspapers are “toast.” BH Media, which owns papers across the country, has been cutting jobs for years to cope with declining ad revenue. The deal cements the ties between Buffett’s company and Lee, which has been managing BH Media’s papers since 2018.“We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry’s challenges,” Buffett said in a statement Wednesday.Lee’s LoanLee, which owns papers including the St. Louis Post-Dispatch, agreed to buy the businesses for $140 million in cash. Buffett’s company will loan Lee the money for the purchase of 49 weekly publications and 31 daily papers, including Buffett’s hometown Omaha World-Herald and Buffalo News, which he’s owned for more than four decades. Lee’s shares jumped on the news, rising 67% to $2.10 Wednesday.Berkshire is lending Lee $576 million at a 9% annual rate with a 25-year maturity and no performance covenants for the purchase of the business and refinancing of other debt. Excluded from the sale is BH Media’s real estate, which Lee is leasing under a 10-year agreement.“To have a 25-year maturity with no covenants is unique, and that tells you Buffett is giving them a lot of runway to accomplish this transition from print to digital,” Armstrong said in an interview. The real estate agreement means “Lee can never profit from liquidating these enterprises and selling off the land.”Falling CirculationIn 2018, Buffett acknowledged that he was surprised that the decline in demand for newspapers hadn’t let up and that his company hadn’t found a successful strategy to combat falling advertising and circulation. That same year, U.S. newspaper circulation dropped to its lowest levels since 1940, according to the Pew Research Center.Buffett has long said that he prefers to hold onto businesses. The newspaper deal, however, is Berkshire’s second divestiture in less than a year, including the sale of an insurance business in late 2019. At other times, Buffett has chosen to shutter a struggling business. The textile operations, which formed the basis of the $550 billion conglomerate, closed because it was “inappropriate,” he said, to keep funding a business that appeared to have unending losses.Berkshire still operates and holds other old-fashioned businesses, including door-to-door vacuum-cleaner business Kirby Co. and encyclopedia publisher World Book. Some underperforming businesses in Berkshire’s manufacturing, service and retailing groups could be better off with deals structured similarly to the Lee agreement, creating efficiencies and making Berkshire a creditor instead of an equity holder, said Christopher Bloomstran of Semper Augustus Investments Group LLC.There are a number of opportunities “that ought to be a candidate for this kind of a deal,” said Bloomstran, who oversees more than $250 million as president and chief investment officer of Semper Augustus, declining to name any specific operations.What Bloomberg Intelligence Says“Berkshire Hathaway’s agreement to sell its newspapers is a message that it will eschew companies in fading business models.”\-- Matthew Palazola, senior P&C insurance analystClick here to read the researchBuffett has longstanding ties to the newspaper industry. He previously owned the Omaha Sun, which won a Pulitzer Prize for its investigation of Boys Town, and struck a deal to buy the World-Herald in 2011. The billionaire investor also had a long friendship with and was a business coach to Katharine Graham, and was a director at her Washington Post Co.Berkshire’s deal with Lee “increases the likelihood of survivability for the combined enterprise,” Bloomstran said. “You’re buying this shrinking business, combined, a lifeline, and you’re buying them more years than they probably otherwise would have.”Industry in CrisisAside from a few bright spots, such as the largely thriving New York Times Co., the newspaper business is in crisis across the U.S. McClatchy Co. -- which owns about 30 papers, including the Miami Herald and Charlotte Observer -- is fighting to avoid bankruptcy as it contends with pension obligations and debt. The Salt Lake Tribune became a nonprofit last year, after failing to find a profitable business model.As print advertising has cratered in recent years amid the rise of social media, Craigslist and search ads, private equity firms and hedge funds have swooped in to take advantage of newspapers’ steady though dwindling revenue streams.New Media Investment Group Inc., controlled by private equity firm Fortress Investment Group LLC, bought USA Today owner Gannett Co. last year to form the largest U.S. newspaper chain. The deal spurred apprehension in journalism circles given New Media’s reputation for newsroom layoffs, though the new Gannett leadership pledged to avoid widespread job cuts.Buffett acknowledges the cultural and economic shifts that have hit his sprawling conglomerate over the years. When asked about the impact 5G wireless technology might have on Berkshire’s businesses, he said it’s up to the manager of each operation to understand how the business will play out.“The world is going to change in dramatic ways,” Buffett said last year at his annual shareholder meeting. “We welcome change and we certainly want to have managers that can anticipate and adapt to it. But sometimes we’ll be wrong. And those businesses will wither and die.”\--With assistance from Gerry Smith.To contact the reporters on this story: Katherine Chiglinsky in New York at kchiglinsky@bloomberg.net;John J. Edwards III in Boston at jedwardsiii1@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Steven CrabillFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Warren Buffett Makes Rare Move To Sell A Berkshire Hathaway Business
    Investor's Business Daily

    Warren Buffett Makes Rare Move To Sell A Berkshire Hathaway Business

    Warren Buffett is selling Berkshire Hathaway's newspaper business to local news provider Lee Enterprises for $140 million in cash.

  • Benzinga

    Why Warren Buffett Selling His Newspapers Is Such A Big Deal

    Newspaper chain Lee Enterprises, Incorporated (NYSE: LEE) and Berkshire Hathaway announced that Lee will buy the publications owned by Berkshire Hathaway's BH Media Group, and a separately held paper, The Buffalo News, for $140 million in cash. The massive purchase nearly doubles Lee's audience, adding 31 daily newspapers to its stable, including, in addition to the papers in Omaha and Buffalo, The Press of Atlantic City, The Tulsa World, The Richmond Times-Dispatch in Virginia, and several smaller papers.

  • Post-Dispatch parent's deal with Buffett provides a short-term 'win-win': Analyst
    American City Business Journals

    Post-Dispatch parent's deal with Buffett provides a short-term 'win-win': Analyst

    Lee Enterprises' $140 million deal for Berkshire Hathaway's newspapers, announced Wednesday, is a "win-win" for the buyer and seller, "if short-term perhaps."

  • Warren Buffett gives up on newspapers; Berkshire sells unit to Lee Enterprises

    Warren Buffett gives up on newspapers; Berkshire sells unit to Lee Enterprises

    The transaction includes 31 daily newspapers and 49 weeklies including the daily Omaha World-Herald in Berkshire's hometown in Nebraska, Buffalo News in New York, Richmond Times-Dispatch in Virginia and Tulsa World in Oklahoma. Lee owns 50 daily newspapers including the St. Louis Post-Dispatch, and has since July 2018 managed Berkshire's papers other than the Buffalo News, which Berkshire bought in 1977.

  • GuruFocus.com

    Warren Buffett Decides to Get Out of the Newspaper Business

    A deal with Lee Enterprises will help Berkshire deploy some capital Continue reading...

  • American City Business Journals

    The Buffalo News has a new owner

    Berkshire Hathaway — the giant Omaha, Nebraska holding company led by Warren Buffett — announced Wednesday it has sold the News for $140 million in cash.

  • MarketWatch

    Lee Enterprises stock soars 57% premarket on news to acquire Warren Buffett's newspaper operations

    Warren Buffett is selling his newspaper operations to Lee Enterprises Inc. and offering the provider of local news long-term financing that should help it refinance debt and bolster its balance sheet. Davenport, Iowa-based Lee is paying $140 million to acquire Berkshire Hathaway's BH Media Group (BHMG) and The Buffalo News, and will receive $576 million in long-term financing at a 9% annual interest rate. Proceeds of that financing will be used to refinance $400 million of existing debt and terminate a revolver. BHMG owns the print and digital operations of 30 daily newspapers and more than 49 paid weekly publications. The business generated revenue of $373.4 million in 2019 and has been managed by Lee since July 2018. Buffett said Lee is best positioned to manage the business through the current challenges facing the newspaper industry. Lee is expecting the deal to immediately boost earnings and drive an 87% rise in revenue. Lee shares soared 57% premarket on the news, but have fallen 54% in the last 12 months through Tuesday, while the S&P 500 has gained 24%.

  • GlobeNewswire

    Lee Enterprises to Buy Berkshire Hathaway Newspaper Operations; Berkshire Hathaway to Finance All Debt

    Lee Enterprises, Incorporated (LEE), a trusted local news provider and leading platform for advertising in 50 markets, has entered into a definitive agreement with Berkshire Hathaway to acquire BH Media Group’s (“BHMG”) publications and The Buffalo News for $140 million in cash. Berkshire Hathaway is providing approximately $576 million in long-term financing to Lee at a 9% annual rate.

  • TheStreet.com

    Warren Buffett's Berkshire Hathaway Sells Newspaper Unit

    The shares of Lee Enterprises, publisher of the St. Louis Post-Dispatch, jumped after it agreed to pay $140 million for Berkshire Hathaway's BH Media.

  • PR Newswire

    SHAREHOLDER ALERT: Purcell Julie & Lefkowitz LLP Is Investigating Lee Enterprises, Incorporated for Potential Breaches Of Fiduciary Duty By Its Board of Directors

    Purcell Julie & Lefkowitz LLP, a class action law firm dedicated to representing shareholders nationwide, is investigating a potential breach of fiduciary duty claim involving the board of directors of Lee Enterprises, Incorporated (NYSE: LEE).

  • Thomson Reuters StreetEvents

    Edited Transcript of LEE earnings conference call or presentation 12-Dec-19 3:00pm GMT

    Q4 2019 Lee Enterprises Inc Earnings Call

  • Why We Like Lee Enterprises, Incorporated’s (NYSE:LEE) 17% Return On Capital Employed
    Simply Wall St.

    Why We Like Lee Enterprises, Incorporated’s (NYSE:LEE) 17% Return On Capital Employed

    Today we'll look at Lee Enterprises, Incorporated (NYSE:LEE) and reflect on its potential as an investment...

  • Should You Buy Lee Enterprises, Incorporated (LEE)?
    Insider Monkey

    Should You Buy Lee Enterprises, Incorporated (LEE)?

    Hedge funds are known to underperform the bull markets but that's not because they are terrible at stock picking. Hedge funds underperform because their net exposure in only 40-70% and they charge exorbitant fees. No one knows what the future holds and how market participants will react to the bountiful news that floods in each […]

  • GlobeNewswire

    Lee Enterprises continues strong digital transformation; reports quarter and fiscal year results

    DAVENPORT, Iowa, Dec. 12, 2019 -- Lee Enterprises, Incorporated (NYSE: LEE), a leading provider of high quality, trusted, local news, information and a major platform for.