Seeking Alpha

We remembered that Lee Enterprises (LEE) used to be a $2B mid-cap newspaper chain in the mid-2000s around the time it acquired Pulitzer. Unfortunately, the severe declines that newspapers have been facing since 2007 hit Lee Enterprises hard particularly because it borrowed $1.46B to acquire Pulitzer in 2005. We believe that long-time investors must be shocked that Lee's total Enterprise Value is only $960M, which is a far cry from the $1.46B it spent to acquire Pulitzer. We believe that they are even more shocked that Lee's market value is less than $90M, which is a steep decline from its 2004 peak of $2.2B. Only one firm has published earnings estimates on Lee Enterprises and as a result,...

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