Major Lee Enterprises Shareholder Cuts Stake Deeply

By: Mark Fitzgerald

FMR LLC, an investment company that had held a 13% stake in Lee Enterprises Inc., disclosed in a regulatory filing it has sold the great majority of its holdings in the community newspaper publisher.

The Boston investment firm, controlled by Chairman Edward C. Johnson III and family members, said in a filing with the Securities and Exchange Commission (SEC) that it had reduced its stake in Lee to 1.189% of common stock.

According to a previous SEC filing, as of March 31 FMR held a 13.12% stake, and was the second-largest institutional holder of the stock.

In early trading Friday, shares of Lee (NYSE: LEE) were at $3.16, off 18 cents, or 5.39%, from the opening.

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