Ariel Capital Increases Lee Enterprises Stake

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By: Mark Fitzgerald and Jennifer Saba

Chicago-based Ariel Capital Management LLC — which has had its faith in the industry tested with disappointing stock prices at Tribune Co. and The McClatchy Co. — reported in a securities filing Tuesday that it has increased its stake in Lee Enterprises.

In the filing with the U.S. Securities and Exchange Commission (SEC), Ariel said its holding represent 23.12% of stock in Davenport, Iowa-based Lee.

At the close of regular trading Tuesday, Lee (NYSE: LEE) stock was
$34.18, up 21 cents or 0.83%. In the past 52 weeks it has traded in a range of $33.89 to $35.91.

Meanwhile, Capital Research and Management Co. dumped its shares of Dallas-based Belo on Dec. 29, 2006, according to a recent SEC filing. As of Sept. 30, 2006, the company held 1.3% of series A stock.

Private Capital Management disclosed it holds a larger stake in Belo: 19.5% or 17,121,306 of series A shares. As of Sept. 30, 2006, PCM held 18.6% or 19,012,672 shares.

Barclays Global investors and Barclays Global Fund Advisors said in a filing it holds 2.79% (2,443,967 series A shares) and 2.54% (2,226,579 series A shares) of Belo. As of Sept. 30, 2006, Barclays Global Investors held 3.98% or 4,063,914 outstanding series A shares.

Shares of Belo (NYSE:BLC) closed today at $18.46, up .38%.

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