Core Insights - In Warren Buffett's final quarter as CEO, the company reduced its stake in the iPhone manufacturer [1] Group 1 - The company further trimmed its holdings in the iPhone maker during this period [1]

The UK government has intervened in DMGT’s £500 million ($682 million) bid for the Telegraph, triggering regulatory probes into the newspaper deal https://t.co/Sxk5QBsjqy ...

Core Insights - The company has strengthened its balance sheet and capital structure, positioning itself for long-term value creation for shareholders through a recent $50 million private placement of common stock at $3.25 per share [1][4][25] - The company aims to reach a digital revenue target of $450 million by 2030, having generated nearly $300 million in digital revenue over the past twelve months [2][14] - The recent equity investment and amended credit agreement will significantly reduce the interest rate on outstanding debt from 9% to 5%, resulting in approximately $18 million in annual interest savings [5][6][17] Financial Performance - In the first quarter of fiscal 2026, adjusted EBITDA grew by 61% year-over-year to $12 million, driven by effective cost management and operational efficiency [4][9][10] - Digital-only subscription revenue reached $23 million, with a 5% growth attributed to enhanced engagement and pricing strategies [9][10] - Total digital revenue for the quarter was over $70 million, representing more than 54% of total revenue, with a 330 basis point improvement in the digital revenue mix year-over-year [10][12] Strategic Initiatives - The company is focused on a three-pillar digital growth strategy that emphasizes local content, digital subscription growth, and a robust digital advertising business [3][14] - A new strategic partnership with Huddl aims to enhance local sports coverage and community engagement through video content [20][21] - The company has identified $26 million in non-core assets for potential monetization to further support debt reduction efforts [18] Future Outlook - The company reaffirms its outlook for mid-single-digit adjusted EBITDA growth for fiscal 2026, supported by strong first-quarter results [19] - The trajectory towards achieving 90% digital revenue by fiscal 2030 is expected to create a sustainable business model less reliant on print products [14][15] - Continued focus on reducing legacy costs and enhancing operational efficiency remains a priority to drive long-term shareholder value [16][25]

FIRST QUARTER FY2026 EARNINGS FEBRUARY 10, 2026 SAFE HARBOR The information provided in this presentation may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "aims", "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions ...

Core Insights - Lee Enterprises reported a significant growth in Adjusted EBITDA of $5 million, representing a 61% year-over-year increase, positioning the company favorably for fiscal 2026 [1][3] - The company secured a $50 million equity investment, enhancing its financial stability and supporting its digital transformation efforts [3][4] - The interest rate on outstanding debt was reduced from 9% to 5%, expected to save approximately $18 million annually, totaling up to $90 million over five years [3][6] Financial Performance - For the first quarter ended December 28, 2025, total operating revenue was $130 million, with digital revenue accounting for $70 million, or 54% of total revenue [5][15] - Digital-only subscription revenue reached $23 million, up 5% year-over-year, with a total of 609,000 digital-only subscribers [5][15] - Operating expenses totaled $126 million, reflecting a 16% decrease compared to the previous year, while cash costs decreased by 13% to $121 million [5][17] Debt and Capital Structure - The company has $455 million of debt outstanding, with favorable terms including a 25-year maturity and no fixed principal payments [6][10] - The recent $50 million private placement of common stock led to amendments in the credit agreement, significantly lowering the interest rate on the term loan [6][19] - The company anticipates a net loss of $5 million for the quarter, but Adjusted EBITDA was reported at $12 million, an increase of $5 million from the prior year [5][13] Strategic Outlook - The company aims for mid-single-digit Adjusted EBITDA growth year-over-year for fiscal 2026, supported by its Three Pillar Digital Growth Strategy [4][5] - The focus remains on building durable, recurring revenue streams while managing costs associated with legacy revenue [3][4] - The company expects to receive additional reimbursements from its insurance carrier related to a previous cyber event, which will further support financial performance [3][5]

AT ONE OF THE NATION'S MOST STORIED NEWSPAPERS. HUNDREDS OF DEMONSTRATORS GATHERED OUTSIDE THE WASHINGTON POST HEADQUARTERS YESTERDAY TO PROTEST THE DECISION TO CUT OVER 300 JOURNALISTS, roughly 30 percent of its entire staff. Every industry in the country right now is suffering, but I think there's a broader, bigger mission to journalism.It's not just, you you know, the elites or whatever. We are on the ground doing work to help Americans better understand what's happening and to hold power to account. And ...

Market Overview - Wall Street has experienced significant volatility since the beginning of the year, with major indexes giving up most of their gains recently [1][2] - Economic uncertainty, including higher inflation and borrowing rates, along with geopolitical tensions, has contributed to this volatility [2][4] - The S&P 500 dropped 1.23% to 6,798.40 points, entering negative territory for the year, while the Dow and Nasdaq also saw declines of 1.2% and 1.6% respectively [5] Economic Indicators - Job openings in December totaled 6.54 million, a decrease of 386,000 from November, marking the lowest level since September 2020 [6] - Jobless claims rose to 231,000 for the last week of January, up 22,000 from the previous week, exceeding the consensus estimate of 212,000 [7] - U.S. companies announced 108,435 layoffs in January, the highest total for that month since the global financial crisis [7] Federal Reserve Actions - The Federal Reserve maintained interest rates in January after a total reduction of 75 basis points last year, facing challenges from high inflation [8] Dividend-Paying Stocks - Investors are advised to consider dividend-paying stocks as a means to protect capital during market volatility [2] - The New York Times Company (NYT) announced a dividend of $0.23 per share, with a dividend yield of 1.06% and a payout ratio of 30% of earnings [10][12] - Yum China Holdings, Inc. (YUMC) declared a dividend of $0.29 per share, yielding 1.81% with a payout ratio of 40% of earnings [14][12] - Esquire Financial Holdings, Inc. (ESQ) announced a dividend of $0.20 per share, yielding 0.60% with a payout ratio of 12% of earnings [16][12]

Core Viewpoint - Lee Enterprises has successfully closed a $50 million strategic equity private placement, enhancing its financial and governance foundation as it enters a new phase of growth [1][3]. Financial Impact - The company received $50 million in gross proceeds from the private placement, which will improve its capital structure and cash flow outlook [1][2]. - Concurrently, an amendment to the existing credit facility reduced the annual interest rate on approximately $455.5 million of long-term debt from 9% to 5% for a five-year period, significantly benefiting the company's financial position [2]. Leadership Changes - David Hoffmann has joined the company's board of directors as chairman, indicating a strengthening of governance and investor confidence [2][3]. Company Overview - Lee Enterprises is a major subscription and advertising platform, providing local news and information through daily newspapers and digital products across 72 markets in 25 states [6].

Core Insights - The New York Times Company (NYT) reported strong performance in Q4 2025, exceeding expectations for both earnings and revenues, with adjusted earnings of $0.89 per share and revenues of $802.3 million, a 10.4% year-over-year increase [1][10] Subscription Performance - NYT experienced healthy subscription momentum, adding approximately 450,000 net digital-only subscribers in the quarter, bringing the total to 12.78 million subscribers, including 12.21 million digital-only subscribers [2][5] - Total subscription revenues increased by 9.4% year over year to $510.5 million, with digital-only subscription revenues rising 13.9% to $381.5 million, despite a 2% decline in print subscription revenues [4][10] Digital Advertising Growth - Total advertising revenues improved by 16.1% year over year to $191.7 million, with digital advertising revenues surging 24.9% to $147.2 million, driven by strong demand from marketers [7][10] Financial Health - The company ended the quarter with cash and marketable securities of $1.2 billion, reflecting an increase of $256 million from the previous year, and had no outstanding debt [12] - Free cash flow for 2025 was $550.5 million, significantly up from $381.3 million in 2024, indicating strong cash generation capabilities [13][14] Future Outlook - Management is optimistic about sustaining growth, projecting digital-only subscription revenues to rise by 14-17% and total subscription revenues to increase by 9-11% in Q1 2026 [6][10] - Total advertising revenues are expected to grow in the low double digits, with digital advertising revenues projected to increase in the high teens to low twenties percentage range [8][11]

Core Insights - The New York Times Company reported fourth-quarter earnings and revenue that exceeded analyst expectations, but weaker first-quarter guidance negatively impacted investor sentiment, leading to a more than 7% drop in shares during premarket trading [1] Financial Performance - Adjusted earnings per share were $0.89, surpassing the consensus estimate of $0.86 [1] - Revenue increased by 10.4% year over year to $802.3 million, exceeding analyst expectations of $785.68 million [1] Subscription and Advertising Revenue - Digital subscription revenue rose by 13.9% to $381.5 million, driven by the addition of approximately 450,000 net digital-only subscribers during the quarter, bringing total subscribers to 12.78 million [2] - Digital advertising revenue surged by 24.9% to $147.2 million, supported by strong marketer demand and expanded ad inventory [2] Profitability Metrics - Operating profit increased by 10.2% to $161.6 million, while adjusted operating profit rose by 12.8% to $192.3 million [3] - Adjusted operating margin expanded to 24.0%, up roughly 50 basis points from a year earlier [3] Future Guidance - The company forecasts first-quarter 2026 digital-only subscription revenue growth of 14% to 17% and total subscription revenue growth of 9% to 11% [3] - Digital advertising revenue is expected to grow in the high-teens to low-twenties percentage range [3]