Lee Completes Sioux City Deal

Posted Tuesday, July 2, 2002 12:00 am

By: (AP) Lee Enterprises Inc. completed its deal to buy the Sioux City Journal Monday.

In the transaction, announced June 6 and valued at $60.3 million, Lee bought the remaining 50% interest in the newspaper from Hagadone Newspapers, a subsidiary of Coeur d'Alene, Idaho-based The Hagadone Corp.

Lee agreed to pay $59.3 million in cash and give Hagadone ownership of a group of weekly publications in northwestern Montana.

The Sioux City Journal has 165 employees and daily circulation of 42,800.

Lee, based in Davenport, acquired its initial 50% interest through the purchase of Howard Publications in April.

With the acquisition, Lee owns 39 daily newspapers and a joint interest in six others. Lee also owns more than 175 weekly newspapers, shoppers, and classified and specialty publications, along with associated online services.

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Lee Completes Sioux City Deal

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