LEE ENTERPRISES (LEE) Company Report

Lee Enterprises held a Special Meeting of Stockholders on February 3, 2026, to vote on four proposals related to its capital structure and share issuance.
Stockholders approved the Additional Common Stock Proposal, which increases the authorized common stock from 12 million to 40 million shares.
The Nasdaq Change of Control Proposal, concerning the issuance of 16,000,000 PIPE common shares at $3.25 per share that may result in a change of control, was also approved. The preliminary results did not explicitly state the outcome for the Nasdaq 19.99% Share Issuance Proposal.
A quorum was present, with 3,970,409 shares represented out of 6,243,660 shares outstanding as of the January 2, 2026 record date.

1 day ago

Transcript

Lee Enterprises Stockholders Approve Key Proposals at 2026 Special Meeting

LEE

Proxy Vote Outcomes

M&A

Lee Enterprises held a Special Meeting of Stockholders on February 3, 2026, where all four proposed items were approved.
Stockholders approved an amendment to increase the authorized common stock from 12 million to 40 million shares.
Approval was granted for the issuance of 16,000,000 shares of common stock at $3.25 per share pursuant to a stock purchase agreement dated December 30, 2025, which may represent more than 19.99% of outstanding shares.
The issuance of these PIPE common shares, which could result in a change of control for Nasdaq rules purposes, was also approved.

1 day ago

Transcript

Lee Enterprises Stockholders Approve Increase in Authorized Shares and Significant Share Issuance

LEE

Proxy Vote Outcomes

Change of Control

Lee Enterprises held a Special Meeting of Stockholders on February 3, 2026, to act upon four proposals.
Stockholders approved the Additional Common Stock Proposal, which increases the authorized common stock from 12 million shares to 40 million shares.
The Nasdaq 19.99% Share Issuance Proposal was approved, allowing the issuance of 16,000,000 shares of common stock at $3.25 per share pursuant to a Stock Purchase Agreement dated December 30, 2025.
The Nasdaq Change of Control Proposal also passed, which involves the issuance of PIPE common shares that may result in a change of control for purposes of Nasdaq rules.

1 day ago

Transcript

Lee Enterprises Secures Strategic Investment, Announces Leadership Transition, and Debt Restructuring

LEE

New Projects/Investments

Board Change

CEO Change

Lee Enterprises has entered into a definitive stock purchase agreement for a $50 million strategic equity investment in its common stock at $3.25 per share, led by David Hoffmann.
This investment is expected to facilitate an amendment to the company's existing credit facility, reducing the annual interest rate on approximately $455.5 million of outstanding long-term debt from 9% to 5% for a five-year period.
As part of the transition, David Hoffmann is expected to assume the role of Chair of the Board, while President and CEO Kevin Mowbray has retired, with Nathan Bekke appointed as Interim Chief Executive Officer.
The private placement, which involves the issuance of 15,384,615 shares, requires stockholder approval for the share issuance and an increase in authorized common stock from 12 million to 40 million shares, with closing anticipated in Q1 2026.

Dec 30, 2025, 2:01 PM

8-K

Lee Enterprises Reports Q4 and Full Year FY25 Results

LEE

Earnings

Guidance Update

Revenue Acceleration/Inflection

Lee Enterprises reported Q4 FY25 total operating revenue of $139 million and a net loss of $6 million, with Adjusted EBITDA of $15 million.
For the full fiscal year 2025, total operating revenue was $562 million and the company reported a net loss of $36 million, with Adjusted EBITDA of $45 million.
Digital revenue comprised 53% of total operating revenue in Q4 FY25, reaching $74 million, and digital-only subscription revenue grew 16% year-over-year on a same-store basis to $25 million.
As of September 28, 2025, the company had $455 million of debt outstanding and $10 million in cash, resulting in net debt of $445 million.
Lee Enterprises anticipates Adjusted EBITDA year-over-year growth in the mid-single digits for fiscal year 2026.

Nov 26, 2025, 3:54 PM

8-K

Lee Enterprises Reports Fiscal Year 2025 Results and Strategic Outlook

LEE

Earnings

Guidance Update

CFO Change

Lee Enterprises reported $562 million in total revenue for fiscal year 2025, with $298 million (or 53%) derived from digital sources.
Digital-only subscription revenue reached $94 million from 633,000 subscribers, marking a 16% year-over-year growth on a same-store basis, while Amplified Digital Agency revenue surpassed $100 million with 5% same-store growth.
The company implemented approximately $40 million in annualized cost reductions in Q2 2025, with an additional $10 million entering fiscal year 2026, leading to a 5% decrease in cash costs to $524 million in FY25.
Lee plans a $50 million common stock rights offering, which is expected to reduce the interest rate on outstanding debt from 9% to 5% for five years, resulting in $18 million in annual interest savings.
The company targets $450 million in total digital revenue by fiscal year 2030 and anticipates mid-single digit adjusted EBITDA growth in fiscal year 2026. Additionally, CFO Tim Millage is scheduled to depart in early 2026.

Nov 26, 2025, 3:00 PM

Transcript

Lee Enterprises Announces Fiscal Year 2025 Results and Strategic Initiatives

LEE

Earnings

CFO Change

Debt Issuance

Lee Enterprises reported $562 million in total revenue for fiscal year 2025, with digital revenue reaching $298 million, representing 53% of total revenue. Digital-only subscription revenue grew 16% year-over-year on a same-store basis to $94 million, and Amplified Digital Agency revenue surpassed $100 million with 5% growth on a same-store basis.
The company is on track to achieve $450 million in digital revenue by 2030, aiming for 90% digital revenue by that fiscal year. They expect mid-single digit adjusted EBITDA growth in fiscal year 2026.
Lee plans a $50 million common stock rights offering, which, upon successful completion, will reduce the interest rate on its outstanding debt from 9% to 5% for five years, resulting in $18 million in annual interest savings. The company also reduced debt by approximately $3.5 million in fiscal year 2025 (excluding cyber incident related increases).
Tim Millage, VP, CFO, and Treasurer, will depart in early 2026.

Nov 26, 2025, 3:00 PM

Transcript

LEE Announces Q4 and Full Year 2025 Results

LEE

Earnings

Guidance Update

Revenue Acceleration/Inflection

LEE reported Q4 FY2025 total operating revenue of $139 million, a 12% year-over-year decrease, or 5% decrease on a same-store basis, with Adjusted EBITDA of $15 million, up 14% on a comparable basis.
For the full year FY2025, total revenue reached $562 million and Adjusted EBITDA was $45 million. Digital revenue constituted 53% of total revenue in FY2025.
Digital subscription revenue grew 16% year-over-year to $25 million in Q4 FY2025 , contributing to $94 million for FY2025. The company reported 633,000 digital subscribers as of September 2025.
LEE projects mid-single digit year-over-year growth in Adjusted EBITDA for FY2026 and targets over $450 million in digital revenue and more than 1.2 million digital subscribers by 2030.

Nov 26, 2025, 3:00 PM

Presentation

Lee Enterprises Reports FY 2025 Results, Announces Digital Growth Targets and Capital Restructuring Plan

LEE

Earnings

Guidance Update

CFO Change

Lee Enterprises reported $562 million in total revenue for fiscal year 2025, with 53% derived from digital sources. Digital-only subscription revenue grew 16% year-over-year on a same-store basis to $94 million, and Amplified Digital Agency revenue increased 5% on a same-store basis to $103 million.
The company aims to achieve $450 million in total digital revenue by fiscal 2030, including $175 million from digital subscriptions (fueled by 1.2 million subscribers) and over $250 million from digital advertising.
Lee plans a $50 million common stock rights offering, which, upon successful completion, is expected to reduce the interest rate on its outstanding debt with Berkshire Hathaway from 9% to 5% for five years, resulting in $18 million in annual interest savings.
Tim Millage, VP, CFO, and Treasurer, will depart in early 2026, with his transition expected to conclude by March.

Nov 26, 2025, 3:00 PM

Transcript

Lee Enterprises Announces Intent to Pursue Rights Offering

LEE

New Projects/Investments

Proxy Vote Outcomes

Lee Enterprises, Inc. announced its intent to pursue a proposed equity rights offering to raise capital for its planned digital transformation.
The Proposed Rights Offering aims to raise up to $50.0 million.
If the full offering amount is successfully raised, the company has an agreement in-principle with its term loan lender to reduce the annual interest rate from 9% to 5% for five years, potentially saving approximately $18 million annually and up to $90 million over the five-year period.
The Proposed Rights Offering is conditioned on stockholder consent to amend the company's charter to authorize additional shares of existing common stock and a new class of convertible non-voting common stock.