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• A smaller, publicly traded Gannett, owning a portfolio of local and regional newspapers.
• Like Nexstar Media Group or Sinclair Broadcast Group, but for local newspapers instead of local TV stations.

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• Local News Publications: Publishes daily and weekly newspapers providing local news, sports, and information to communities.
• Digital News Platforms: Operates companion websites and mobile apps offering local news content and digital-first experiences.
• Advertising Solutions: Provides advertising services across print and digital platforms, helping local businesses reach their target audiences.
• Subscription Services: Offers paid subscriptions for access to its print newspapers and exclusive digital content.

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Lee Enterprises (symbol: LEE) is a media company that publishes newspapers and related digital products across numerous markets in the United States. It also provides digital marketing services to businesses.

Based on its 2023 annual report (10-K filing), Lee Enterprises' revenue streams are primarily derived from advertising, digital agency services, and circulation:

• Advertising revenue (primarily from businesses): $286.3 million
• Digital agency services revenue (from businesses): $100.8 million
• Circulation revenue (primarily from individuals): $213.9 million

Considering that advertising and digital agency services collectively account for a larger portion of its revenue ($387.1 million) compared to circulation revenue ($213.9 million), Lee Enterprises sells primarily to other companies.

Major Customers:

Due to the highly diversified nature of its business, serving thousands of local and regional advertisers and digital agency clients across its various markets, Lee Enterprises does not have any single "major customer" (typically defined as accounting for 10% or more of revenue) that is disclosed in its public filings. Its customer base for advertising and digital services consists of a vast number of small to medium-sized businesses across various industries (e.g., retail, automotive, real estate, healthcare, professional services, restaurants) and some national advertisers. Therefore, specific names and symbols of major customer companies cannot be provided, as no individual customer constitutes a significant portion of its revenue.

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Kevin D. Mowbray, President & Chief Executive Officer

Kevin D. Mowbray was elected President and Chief Executive Officer of Lee Enterprises in February 2016, having previously served as Executive Vice President and Chief Operating Officer from April 2015 to February 2016. Prior to this, he was the publisher of Lee's largest newspaper, the St. Louis Post-Dispatch, from 2006 to 2013. Mr. Mowbray began his career with Lee in 1986 as an advertising sales representative and has held various sales and publishing roles within the company, including publisher of The Bismarck Tribune. He is also a Director at News Media Alliance and serves as Chairman-Trustees Board at American Press Institute, Inc., and President & Director at Pulitzer, Inc.

Timothy R. Millage, Vice President, Chief Financial Officer & Treasurer

Timothy R. Millage has served as the Chief Financial Officer, Treasurer, and Vice President of Lee Enterprises since August 2018. He joined Lee in 2010 as assistant corporate controller and was named corporate controller in 2012. Before his tenure at Lee Enterprises, Mr. Millage worked as an audit manager and senior auditor with Deloitte, LLP. He has been instrumental in the company's refinancing events, divestitures, and acquisitions.

Mary E. Junck, Chairman

Mary E. Junck has been the Chairman of Lee Enterprises since 2019, and prior to that, served as Executive Chairman since 2016. She joined Lee Enterprises in 1999 as Executive Vice President and Chief Operating Officer, and later held roles as President in 2000 and Chief Executive Officer in 2001. Ms. Junck held several executive positions at Times Mirror and served on the board of The Associated Press from 2004 to 2017, including as Chairman from 2012 to 2017. She also serves as a Director of Postmedia Network Canada Corp.

Nathan E. Bekke, Chief Operating Officer

Nathan E. Bekke has served as Chief Operating Officer of Lee Enterprises since June 2025. He previously held the role of Operating Vice President and Vice President of Audience Strategy from 2020 to May 2025. Mr. Bekke began his career with Lee in 1988 and has accumulated over three decades of experience with the company, holding various leadership positions.

Michele Fennelly White, Chief Information Officer & Vice President - Information Technology

Michele Fennelly White has been the Chief Information Officer and Vice President of Information Technology for Lee Enterprises since 2011. She joined the company in 1994 as an IT team leader and advanced to Director of technical support in 1999. Before joining Lee, Ms. White worked as a Systems Engineer for IBM Corporation.

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The key risks to Lee Enterprises (LEE) are:

1. High Indebtedness and Financial Strain: Lee Enterprises faces a significant financial risk due to its substantial debt, approximately $455 million, which carries a high fixed annual interest rate of 9.0%. This high-cost debt consumes cash flow and is identified as a primary financial challenge. The company has reported negative shareholder equity, negative operating cash flow, and its interest payments are not adequately covered by its earnings before interest and taxes (EBIT).
2. Declining Print Revenue and Industry Headwinds: The company's core print business is experiencing ongoing declines in both advertising (down 15.1%) and subscriptions (down 16.9%), which are outpacing the growth in digital revenue. This leads to overall revenue pressure and net losses. The broader media industry faces structural pressures, including intense digital competition and evolving AI technologies, which present existential threats to traditional and digital revenue streams.
3. Cybersecurity Incidents: Lee Enterprises experienced a material cybersecurity incident in February 2025, which resulted in a $10.5 million loss of cash flow and significantly disrupted operations, including product distribution, billing, and vendor payments. The attack involved unauthorized access to the company's network, encryption of critical applications, and exfiltration of files. Personal data, including names and Social Security numbers, of approximately 40,000 current and former employees was compromised. The company is investing in enhanced security measures following this event.

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Lee Enterprises (symbol: LEE) operates primarily in the United States, focusing on local news and information, digital and print subscriptions, and a suite of advertising and marketing services. The addressable markets for their main products and services in the U.S. region are as follows:

• U.S. Newspaper Market (Print and Digital Subscriptions and Advertising): This market, which encompasses both print and digital news offerings and associated advertising, was estimated at approximately USD 20.61 billion in 2024.
• U.S. Print Advertising (Newspaper-Specific): The ad spending specifically within the newspaper print advertising market in the U.S. is projected to reach approximately $4.72 billion in 2025.
• U.S. Digital Advertising and Marketing Services: The total ad spending in the U.S. is expected to reach $455.9 billion by 2025. With digital advertising projected to dominate and contribute significantly to total ad spending, the addressable market for digital advertising and marketing services in the U.S. can be estimated at approximately $341.9 billion in 2025 (based on a conservative estimate of 75% of total U.S. ad spending).

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Lee Enterprises (symbol: LEE) is focusing on several key areas to drive future revenue growth over the next 2-3 years, primarily centered around its digital transformation strategy:

1. Growth in Digital-Only Subscription Revenue: The company has demonstrated strong performance in this area, with digital-only subscription revenue increasing significantly year-over-year. Lee Enterprises is actively working to yield higher average digital subscription rates and grow its base of digital-only subscribers.
2. Expansion of Amplified Digital® Agency: Revenue from the Amplified Digital® Agency has shown consistent growth. This full-service digital marketing agency is a key component of Lee's strategy to diversify offerings for local advertisers and capitalize on the shift to digital advertising and marketing services.
3. Launch and Growth of New AI Products: Lee Enterprises has launched innovative AI solutions to support local businesses and accelerate digital revenue growth in the near term. This indicates a commitment to leveraging new technologies to create new revenue streams and enhance existing services.
4. Overall Digital Transformation and Reinvestment: The company's strategic focus on digital growth involves a broader transformation from a print-focused to a digital-first business model. This includes reinvesting in high-growth digital areas and expanding its audience through compelling local content, which is expected to underpin various digital revenue streams.

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Share Issuance

• In February 2025, shareholders approved reserving an additional 500,000 shares of common stock for grant or issuance under the 2020 Long-Term Incentive Plan.
• A special stockholder meeting in November 2025 will vote on proposals to increase authorized common stock from 12 million to 24 million shares, create a new class of up to 12 million non-voting common shares, and authorize up to 10.5 million "blank check" preferred shares. These measures are intended to provide flexibility for future financing, equity incentives, and strategic transactions.

Inbound Investments

• In March 2020, Berkshire Hathaway provided $576 million in long-term financing to Lee, which was used to refinance approximately $400 million of existing debt and fund the acquisition of BH Media Group publications.

Outbound Investments

• In January 2020, Lee Enterprises acquired BH Media Group publications and The Buffalo News from Berkshire Hathaway for $140 million in cash.

Capital Expenditures

• Capital expenditures totaled $3 million in the first nine months of fiscal year 2025, with an expectation of up to $5 million for the full fiscal year 2025.
• The primary focus of these capital expenditures is on "reinvesting in high-growth digital areas" and "incremental investments in marketing and digital capabilities."