Core Insights - Lee Enterprises' Chief Financial Officer, Tim Millage, will leave the company to pursue a role as an Executive Pastor, effective February 28, 2026 [1][2] - Millage expressed confidence in the company's future and highlighted the success of the Three Pillar Digital Growth Strategy, which is enhancing revenue composition and digital margins [2] - The company is actively searching for a new CFO and Millage will provide consulting services until May 31, 2026 [2] Company Overview - Lee Enterprises is a significant subscription and advertising platform, providing local news and information through daily newspapers and nearly 350 weekly and specialty publications across 72 markets in 25 states [3] - The company is committed to delivering valuable local news and information to its communities, with key markets including St. Louis, MO; Buffalo, NY; Omaha, NE; and others [3] - Lee Common Stock is traded on NASDAQ under the symbol LEE [3]

Core Viewpoint - Lee Enterprises, Incorporated is set to announce preliminary results for its quarter ended September 28, 2025, during a scheduled audio webcast and conference call on November 26, 2025, at 9 a.m. Central Time [1] Company Overview - Lee Enterprises is a significant subscription and advertising platform, providing local news and information through daily newspapers, digital products, and nearly 350 weekly and specialty publications across 72 markets in 25 states [3] - The company is committed to delivering valuable, intensely local news and information to the communities it serves, with notable markets including St. Louis, MO; Buffalo, NY; Omaha, NE; and others [3] - Lee Common Stock is traded on NASDAQ under the symbol LEE [3]

RedBird Capital Partners has withdrawn its £500 million ($658 million) bid to buy the Telegraph Media Group amid a backlash from the UK newspaper’s own staff https://t.co/MiYSsqLqPg ...

Core Insights - The New York Times has successfully transitioned into a high-margin digital subscription service, leveraging engagement across various content areas, which is reflected in its strong quarterly performance [2] Subscriber Growth - The Times ended Q3 with 12.33 million total subscribers, an increase of 460,000 from the previous quarter, with digital-only subscribers reaching 11.76 million, making up nearly 95% of the total [4] - Subscription growth has helped offset weaknesses in digital advertising, indicating revenue stability [4] Business Model Transformation - For the first time, bundle and multiproduct customers represented over half of all subscriptions (51%), up from less than a third two years ago, which is significant for generating higher average revenue per user (ARPU) and lower churn rates [5] - The average revenue per user for bundle subscribers is $12.84, approximately 31% higher than the overall digital-only average of $9.79, indicating a widening ARPU gap and potential for margin leverage [5] ARPU and Income Growth - Digital-only ARPU increased by 3.6% year over year in Q3 2025, driven by improved pricing on bundles and retention of higher-value cohorts, which is a strong indicator for future operating income growth [6] - If the ARPU trend continues, it could support mid-single-digit annual operating income growth without significant subscriber increases, which is important given the company's approximately 24x forward earnings multiple [7] Shift in Subscriber Composition - Pure news subscribers now account for only 13% of the total subscriber base, as the company shifts towards an all-access model, enhancing revenue per reader and retention rates [8] - This strategy emphasizes profitability per user over sheer scale, aligning with market preferences for quality revenue in a high-rate environment [8] Market Positioning - With strong pricing power, increasing recurring revenue, and a growing base of multi-product subscribers, the New York Times is positioned for sustained double-digit EPS growth, even amid a sluggish advertising environment [9]

Company Leadership Transition - Greg Abel will take over as CEO of Berkshire Hathaway at the end of the year, with the current CEO expressing confidence in his capabilities as a manager and communicator [3][41] - The current CEO will no longer write the annual report or participate extensively in the annual meeting, but will continue to communicate with shareholders through an annual Thanksgiving message [4][41] Philanthropic Intentions - The current CEO plans to accelerate lifetime gifts to his children's foundations to ensure they manage the estate effectively before alternate trustees are appointed [34][40] - The children are described as having the maturity and experience necessary to handle significant wealth and philanthropic responsibilities [36][41] Reflections on Personal and Professional Life - The current CEO reflects on his life experiences, emphasizing the importance of luck and the supportive community in Omaha [25][26][29] - He acknowledges the role of various influential figures in his life and career, highlighting the impact of friendships and mentorship [12][19][22] Company Performance and Future Outlook - Berkshire Hathaway is noted for having better-than-average prospects, with a few significant non-correlated assets contributing to its stability [46][47] - The company is expected to continue to be managed in a way that benefits shareholders and avoids becoming overly focused on wealth accumulation or dynastic ambitions [47][48]

Core Viewpoint - Lee Enterprises, Inc. is initiating a proposed equity rights offering to raise up to $50 million to support its digital transformation efforts [1][2]. Group 1: Proposed Rights Offering - The proposed rights offering aims to raise capital for the company's digital transformation, with an aggregate offering value of up to $50 million [1]. - If the full offering amount is raised, the company will benefit from a reduction in its annual interest rate from 9% to 5% for five years, resulting in annual interest savings of approximately $18 million and up to $90 million over the five-year period [2]. - The net proceeds from the offering will be allocated for working capital and investments in technology related to advertising strategies, audience outreach, and digital products [3]. Group 2: Stockholder Consent and Share Structure - The company is seeking stockholder consent to amend its charter to authorize additional shares of existing common stock, a new class of convertible non-voting common stock, and "blank check" preferred stock [4]. - Holders of the company's voting common stock will receive subscription rights, which include a basic subscription right and an over-subscription privilege [5][10]. - The non-voting common stock issued in the offering is expected to convert automatically into voting common stock after three years [7]. Group 3: Regulatory and Procedural Aspects - A registration statement on Form S-1 has been filed with the U.S. Securities and Exchange Commission (SEC) to facilitate the proposed rights offering [8]. - The company reserves the right to modify, postpone, or cancel the proposed rights offering at any time [9]. - The offering will be made only by means of a prospectus that meets the requirements of the Securities Act of 1933 [11].

As filed with the Securities and Exchange Commission on November 10, 2025 Registration No. 333- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________ Lee Enterprises, Incorporated (Exact name of registrant as specified in its charter) _________________ | Delaware | 2711 | 42-0823980 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation ...

Financial Data and Key Metrics Changes - Revenue for the first quarter of fiscal 2026 rose 2% year-over-year to $2.14 billion, while total segment EBITDA increased by 5% to $340 million [4][19] - Net income from continuing operations was $150 million, slightly up from $149 million last year, and adjusted EPS rose from $0.20 to $0.22 [4][20] - Total segment EBITDA was negatively impacted by a $13 million write-off related to a book distributor closure [19] Business Line Data and Key Metrics Changes - Dow Jones segment revenue increased by 6% to $586 million, with digital revenues accounting for 84% of this segment [20][21] - Digital real estate services reported revenues of $479 million, up 5% year-over-year, with segment EBITDA rising 13% to $158 million [25] - Book publishing segment revenue declined by 2% to $534 million, with EBITDA down 28% to $58 million, impacted by a $13 million write-off [28] Market Data and Key Metrics Changes - Digital revenues have almost doubled to 62% of total revenues since fiscal 2018, with Dow Jones and digital real estate accounting for 49% of revenue and 84% of EBITDA in fiscal 2025 [18] - Digital advertising revenues represented 68% of total advertising revenues for the quarter, a new record [9] Company Strategy and Development Direction - The company is focusing on maximizing shareholder value through accelerated share buybacks, with a current repurchase rate of approximately $2.5 million per day [17] - The strategy includes expanding partnerships in AI and digital content, while also addressing piracy issues in the industry [6][5] - The company aims to enhance its digital offerings and maintain a strong position in the professional information business [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the housing market, driven by lower interest rates, which is expected to boost revenues in digital real estate [10][31] - The book publishing segment is anticipated to improve in the coming months, with recent trends showing a rebound in orders [16][31] - Management remains confident in the growth potential of Dow Jones and digital real estate, despite ongoing macroeconomic uncertainties [18][30] Other Important Information - The company has made strategic acquisitions, such as EcoMovement, to enhance its data offerings in the professional information sector [9][22] - The digital real estate segment is targeting growth in new homes, rentals, and premium offerings, which collectively accounted for 22% of revenues this quarter [10][26] Q&A Session Summary Question: Concerns about sustaining double-digit revenue growth at Realtor - Management highlighted the focus on growth areas such as sellers, new homes, and rentals, indicating a positive outlook for revenue growth despite current market conditions [33] Question: On the accelerated share repurchase program - Management confirmed the buyback rate has increased significantly and expressed willingness to further increase it if deemed optimal [35] Question: Impact of the Factiva dispute settlement on revenues - Management noted improved performance in Dow Jones, with a 16% increase in Risk and Compliance revenues, and mentioned new customer acquisitions [37] Question: Future simplification of the business structure - Management indicated openness to structural changes and emphasized the importance of maximizing shareholder returns [39] Question: Growth potential in Risk and Compliance - Management expressed optimism about continued growth in Risk and Compliance, driven by regulatory demands and new business opportunities [41] Question: Trajectory of the news media business - Management noted slight revenue growth and significant improvements in EBITDA, driven by cost efficiencies and strong advertising performance at the New York Post [42]

Core Insights - The New York Times Company (NYT) reported strong performance in Q3 2025, exceeding expectations with adjusted earnings of $0.59 per share and total revenues of $700.8 million, marking a 9.5% year-over-year increase [1][11] Subscription Performance - NYT added approximately 460,000 net digital-only subscribers in the quarter, contributing to a 14% increase in digital subscription revenues to $367.4 million [2][4] - Total subscription revenues rose 9.1% year over year to $494.6 million, driven by growth in bundle and multi-product revenues, despite a decline in news-only subscription revenues [4][6] - The company ended the quarter with 12.33 million total subscribers, including 11.76 million digital-only subscribers, with over half being bundle and multiproduct subscribers [6] Advertising Revenue - Total advertising revenues increased by 11.8% year over year to $132.3 million, with digital advertising revenues surging 20.3% to $98.1 million, driven by strong demand and new advertising formats [8][11] - Print advertising revenues declined by 7.1% to $34.2 million [8] Financial Health - The company ended the quarter with cash and marketable securities of $1.1 billion, an increase of $184.9 million from the previous year [14] - Free cash flow for the first nine months of 2025 was $392.9 million, significantly up from $237.7 million a year earlier [15] Cost Management and Profitability - Adjusted operating costs grew 6.2% to $569.4 million, while adjusted operating profit increased by 26.1% to $131.4 million, reflecting effective cost management [12][13] - The adjusted operating profit margin expanded by 240 basis points to 18.7% [13] Future Outlook - Management anticipates digital-only subscription revenues to rise by 13-16% and total subscription revenues to increase by 8-10% in the upcoming quarter [7] - Total advertising revenues are expected to grow in the high-single to low-double digits, with digital advertising projected to rise in the mid-to-high teens range [9]

Group 1 - The New York Times Company (NYSE:NYT) is actively engaging in licensing agreements with major AI platforms, including a multi-year deal with Amazon to use its articles for AI model training [1][2] - The company is positioned as a significant player in the AI space, leveraging its status as a reputable news source to monetize its data [1] - The ongoing lawsuit mentioned may impact the company's operations, but specific details were not provided [1] Group 2 - The New York Times Company produces and distributes news and information across various platforms, including digital, print, and audio [2] - There are opinions suggesting that while NYT has investment potential, other AI stocks may offer better upside and lower risk [3]