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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lee Enterprises Inc | NYSE:LEE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.50 | 0 | 01:00:00 |
“A big part of our strategy is to accelerate revenue and cash flow growth at TownNews,” said Lee President and Chief Executive Officer Kevin Mowbray. “Revenue at TownNews over the last six months is up more than 30% over prior year, and we believe this acquisition will further accelerate revenue growth. GTxcel’s content management business expands TownNews’ ability to partner with broadcasters, and it further underscores Lee’s commitment to aggressively drive digital revenue,” Mowbray added.
“With the acquisition, we are gaining market share, expanding our service offerings to include WordPress CMS and acquiring staff with expertise in digital development, implementation and sales,” Mowbray said.
The acquisition was funded with cash on the balance sheet. Lee owns 82.5% of TownNews, which provides state-of-the-art web hosting, content management, video and other digital services to nearly 1,800 media outlets. Since 2011, the company has a compound annual growth rate of more than 12%.
ABOUT LEE
Lee Enterprises is a leading provider of local news and information, and a major platform for advertising, with daily newspapers, rapidly growing digital products and nearly 300 weekly and specialty publications serving 49 markets in 20 states. Year to date, Lee's newspapers have average circulation of 0.7 million daily and 1.1 million Sunday, and are estimated to reach more than 2.2 million readers in print alone. Lee's markets include St. Louis, MO; Lincoln, NE; Madison, WI; Davenport, IA; Billings, MT; Bloomington, IL; and Tucson, AZ. Lee Common Stock is traded on the New York Stock Exchange under the symbol LEE. For more information about Lee, please visit www.lee.net.
Contact: IR@lee.net(563) 383-2100
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