Running Lee Enterprises thread

If nothing else, the copy desk/paginators hear management hammering away at the “we’re a digital first company!” At our shop, printing three days a week, the eEditions are treated like the runt of the litter: an annoyance that was done just to keep the old fart subscribers appeased when we stopped printing seven days a week.

 

The Richmond Times-Dispatch laid off its sports editor yesterday. The state of newspapers in Virginia is just sad right now. And Lee basically owns everything.

 

What Lee doesn't own Tribune does. Yes, it's dire.

 

Alden, the owner of the Tribune company, is trying to buy Lee.

 

Are they trying again? Their last try a few months ago got rejected strongly.

 

Not yet. I should ahve said I was speculating. But Lee turned down a cash offer of $24 a share in 2021 when the stock was selling for about $18. The Board said that the Alden offer undervalued the company and rejected it.

Since then Lee stock has declined to about $13 a share. If Lee made another offer not the Board might feel legally obligated to sell. The Board has a fiduciary responsibility to the stockholders to maximize their profit. It might be difficult for the Board to turn down a price of $18 or so given the laggard stock price and the general lack of buyers of newspapers.

 

Lee selling off another property, and some union busting.

 

I’m no labor lawyer, but this sounds illegal to me … especially if the union has some sort of job protection in case of a sale clause in its contract.

 

As one of the affected reporters, I can report to you that as of 2 hours ago, the sale has been delayed until forther notice.

 

Good to hear, wg! Hopefully that local buyer has a chance now instead of Paxton.

 

An epic fail!
https://www.marketbeat.com/instant-alerts/nyse-lee-earnings-announcement-2024-08-02/

 

Lee saw print revenues drop about 27% while digital went up about seven percent. Total revenues were down 14%, But the company says the good news is digital revenues have now surpassed print revenues. Because print revenues are dropping like a rock.

By comparison Gannett revenues are dropping in total about five percent annually. So that it appears Gannett is being substantially better managed than Lee. When I can think of an example that I can use for the sake of comparison I will edit my post but right now I am trying to get my arms around any company being more screwed up than Gannett.