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Lee Enterprises reports 20 percent decline in first quarter earnings as Alden Global pushes takeover

on Fri, 02/04/2022 - 03:04   by news

Lee Enterprises, Inc. today (2/3) reported a 20 percent decline in first quarter earnings compared with a year ago, while efforts by hedge fund Alden Global Capital to acquire the Davenport-based print and online media company intensified.

Lee – owner of the Dispatch/Argus and Quad City Times – earned $13.2 million ($2.21 per share) during the quarter ended Dec. 26, 2021, compared with $16.4 million ($2.79 per share) for the same period a year ago. The lower earnings occurred despite the inclusion of a one-time $12.3-million gain from the sale of company assets.

Meanwhile, Alden Global is seeking to replace Lee's Chairman and CEO Mary Junck and long-time board member Herbert Maloney III on the company's board of directors. Alden has submitted an alternative slate of candidates for the director slots coming up for election at the company's annual meeting to be held March 10.

Lee Enterprises touts management strategy; reports $5.3 million profit in fourth quarter ended Sept. 26

on Fri, 12/10/2021 - 23:13   by news

Lee Enterprises, Inc. – owner of the Quad City Times, Dispatch/Argus and news operations in 76 other markets – earned $5.3 million during the fourth quarter ended Sept. 26.

The positive earnings announcement Thursday (12/9) came a day after the Davenport-based company's board of directors unanimously rejected the $24-per-share buyout offer made by Alden Global Capital last month.

While the Lee earnings news release held up fourth quarter operating revenues ($194 million) and fiscal year operating revenues ($794.6 million) as signs the company's strategic plan was working, on a pro forma basis, full year operating revenues were down 3 percent compared to 2020.

Hedge fund Alden Global Capital makes $24 per share, all-cash offer to buy Lee Enterprises, Inc.

on Tue, 11/23/2021 - 02:44   by news

Hedge fund Alden Global Capital today (11/22) made an unsolicited all-cash offer of $24 per share to acquire Davenport-based Lee Enterprises, Inc. with its 77 daily newspapers including the St. Louis Post-Dispatch, Buffalo News, and local Quad City newspapers, the Dispatch/Argus and Quad City Times.

Alden acquired Tribune Publishing earlier this year. That publishing group includes the Chicago Tribune, New York Daily News, Orange County Register, Boston Herald, Baltimore Sun and the Mercury News (San Jose, CA).

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