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Lee Enterprises Stabilizes Finances with $50M Investment Led by Billionaire David Hoffmann
Florida-based billionaire David Hoffmann is set to become chairman after acquiring a controlling stake in the newspaper chain owning The Roanoke Times and Helena Independent Record.
- Tuesday, Florida-based investor David Hoffmann is leading a $50 million deal to buy a controlling stake in Lee Enterprises, owner of The Roanoke Times, and will be named chair.
- With its balance sheet strained, Lee Enterprises, the indebted publisher, accepted a deal as the board aimed to reduce $455.5 million of debt, including Chair Mary Junck's comments on decisive action.
- The financing includes $15 million from other investors, supporting Hoffmann's $35 million purchase at $3.25 per share alongside his 9.8% stake.
- Following Mowbray's exit, Chief Operating Officer Nathan Bekke will serve as interim CEO while Lee Enterprises' Board of Investors searches for a permanent replacement.
- Looking beyond the deal, Hoffmann's family investment firm already owns more than 40 publications and has bought the Napa Valley Register and Mackinac Island Town Crier, but observers say the real test is reinvesting in local newsrooms to boost digital subscriptions.
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Associated Press News+11 Reposted by 11 other sources
Lee Enterprises stabilizes finances with $50M investment led by billionaire David Hoffmann
Lee Enterprises has announced a compromise with the billionaire investor who tried to take over the nation's third-largest newspaper chain this year.
·United States
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Florida Billionaire David Hoffmann Buys $50 Million Controlling Stake in Local Newspaper Giant Lee Enterprises
Florida billionaire David Hoffmann continued his streak of investing in local newspapers Tuesday with a $50 million controlling stake in media giant Lee Enterprises. The transaction will see the investor named chair of the Board as President and CEO Kevin Mowbray steps down. Following Mowbray’s retirement, COO Nathan Bekke will step in as the company’s interim CEO as Lee’s Board of Investors searches for a new candidate to permanently fill the r…
·United States
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Coverage Details
Total News Sources22
Leaning Left5Leaning Right3Center12Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 25%
C 60%
15%
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