|Type||Public (NYSE: LEE)|
|Key people||A.W. Lee, Founder
Mary Junck, President, CEO, Chairman
|Products||Newspapers and television station|
|Website||Lee Enterprises website|
Lee Enterprises is a publicly traded American media company. It publishes 54 daily newspapers in 23 states, and more than 300 weekly, classified, and specialty publications. Lee Enterprises was founded in 1890 by Alfred Wilson Lee and is based in Davenport, Iowa.
The company also provides online services, including websites supporting its daily newspapers and other publications. Lee also owns 82.5% of TownNews.com, an Internet service company. The company offers commercial printing services to its customers.
Lee Enterprises is currently the fourth largest newspaper group in the United States of America. The company acquired Howard Publications (16 daily newspapers) for $694 million in 2002 and Pulitzer, Inc. (14 daily, over 100 non-daily), for $1.5 billion in 2005.
Chapter 11 Bankruptcy, Debt Discharge and Reorganization 2011
The company filed for Chapter 11 bankruptcy in 2011. It emerged from bankruptcy less than two months later. In April 2012, Warren Buffett took a stake in Lee Enterprises (through Berkshire Hathaway Inc.), buying $85 million of the company's debt from Goldman Sachs Group.
In June 2012, Berkshire Hathaway filed an amended Form 13F (13F-HR/A) for the period ending March 31, 2012. This document disclosed that Berkshire accumulated $2,119,000 or 1,655,125 common shares of Lee Enterprises, or a 3.2 percent stake. The document noted that the confidentiality of this transaction was requested but denied by the SEC on May 25, 2012.
2013 Bailout and Recapitalization
In April 2013, Lee Enterprises announced that Berkshire Hathaway refinanced the remaining Pulitzer acquisition debt equating to $94 million. Lee Enterprises incurred no cost for doing this. The collateral involved was the TNI Partner stake including the Arizona Daily Star and azstarnet.com. The result of this was a reduction in interest from a variable rate of 11.3% to a fixed rate of 9% while at the same time, extending the debt maturity date of the debt from December 2015 to April 2017. At the time of the announcement Lee Enterprises noted they had $893 million left to pay off.
Defunct Television subsidiary (Sold 2000)
Lee formerly operated a broadcasting division, which it sold in 2000 to pay off debt and in order to focus on newspaper publishing. Most of the TV stations were sold to Emmis Communications, and have all been sold, as of 2007, to other companies.
|DMA Rank||Market||Station||Years Owned||Currently|
|22.||Portland||KOIN 6||1977–2000||CBS affiliate owned by LIN Media|
|44.||Albuquerque - Santa Fe||KRQE 13||1991–2000||CBS affiliate owned by LIN Media|
|63.||Huntington - Charleston||WSAZ-TV 3||1971–2000||NBC affiliate owned by Gray Television|
|66.||Tucson||KGUN 9||1986–2000||ABC affiliate owned by Journal Broadcast Group|
|69.||Wichita - Hutchinson Plus||KSNW 3/
|1995–2000||NBC affiliates owned by LIN Media|
|1977–2000||CBS affiliate owned by Raycom Media|
|76.||Omaha - Council Bluffs||KMTV 3||1986–2000||CBS affiliate owned by Journal Broadcast Group|
|98.||El Paso - Las Cruces - Ciudad Juárez||KMAZ 48||1993–1998||Telemundo affiliate KTDO, owned by ZGS Communications|
|138.||Topeka||KSNT 27||1995–2000||NBC affiliate owned by LIN Media|
|154.||Rochester - Mason City - Austin||KGLO-TV 3**||1954–1977||CBS affiliate KIMT, owned by LIN Media|
|171.||Quincy - Hannibal - Keokuk - Macomb||KHQA-TV 7**||1953–1986||CBS affiliate owned by Sinclair Broadcast Group|
|199.||Mankato||KEYC-TV 12**||1960–1977||CBS affiliate owned by United Communications Corporation|
In addition, Lee also operated KASY-TV in Albuquerque which was owned by Ramar Communications. That station was a UPN affiliate. KASY was sold to WB affiliate KWBQ in 1999 when the LMA was terminated.
** - indicates a station built and signed-on by Lee Enterprises.
- Lee Enterprises Inc.: publishing, newspapers, online, shoppers, classified, specialty publications
- "Lee Enterprises Buys Howard Publications". Editor & Publisher. February 2, 2002. Retrieved 7 July 2012.
- Steinberg, Jacques (February 1, 2005). "Pulitzer to Be Acquired by Lee Enterprises". New York Times. Retrieved 7 July 2012.
- "Newspaper group Lee Enterprises files for bankruptcy", Thomson Reuters, December 12, 2011.
- "Warren Buffett Building Newspaper Empire? - Deal Journal -". blogs.wsj.com. 2012 [last update]. Retrieved 13 April 2012.
- "Berkshire Hathaway SEC Archives March 31, 2012 13F-HR/A amendment"
- Reuters (June 6, 2012). "Shares of Lee Enterprises Surge After Buffett Buys Stake". New York Times. Retrieved 7 July 2012.
- Kraut, Dan (June 5, 2012). "Buffett’s Berkshire Discloses Stake In Lee Enterprises". Bloomberg. Retrieved 7 July 2012.
- "Lee Enterprises refinances $94 million in debt". nwitimes.com. April 30, 2013. Retrieved 11 May 2013.