By: Staff reports
Company To Expand Publishing, Online Businesses
Regional publisher Lee Enterprises Inc. announced today it plans to sell its
broadcasting segment in order to expand its newspapers, Internet businesses,
and information services.
Davenport, Iowa-based Lee owns nine network and seven satellite stations that
contributed $122.5 million of Lee’s total revenues of $536.3 million in fiscal
Chairman and CEO Richard D. Gottlieb says Lee is evaluating several potential
publishing and online acquisitions. He says the decision to sell the broadcast
division was influenced by ownership consolidation in the industry.
‘Although we believe broadcasting will remain a fine business, we concluded that
the relatively small size of our holdings eventually would limit our ability to
control our future,’ he said in a press release.
A deal is expected to be completed in two to three months. The sale would require
federal regulatory approval. Credit Suisse First Boston and McFarland Dewey & Co.
LLC are handling the sale.
Lee publishes 21 daily newspapers and more than 80 weekly, shopper, and specialty
publications. In the past year, Lee has bought or traded a handful of dailies and
weeklies to expand its regional groups in Montana, Nebraska, Wisconsin, and Oregon.
Mary Junck, Lee’s president and chief operating officer, says Lee wants to build
regional online Web sites and is looking at making acquisitions in small markets
similar in size to its existing ones.
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