Update on acquisition of stake in LEE Enterprises, Incorporated
QUINT · price
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Quint Digital Ltd has completed the acquisition of 2,451,346 common stock in Lee Enterprises, Incorporated (LEE), a NASDAQ-listed US media and publishing company, through a private placement offer. The shares were purchased at approximately $3.25 per share, aggregating to about $7.97 million in cash. Post-acquisition, Quint Digital holds a 14.451% stake in LEE. LEE is a leading US local news and digital advertising platform headquartered in Iowa, with consolidated revenue of $562.34 million for the year ended September 28, 2025. The acquisition is not a related party transaction and required no additional regulatory approvals.
Quint Digital has made a significant overseas investment (~$8 million) to become a substantial minority shareholder in a listed US media company, diversifying into international digital publishing. The market reaction will depend on investor view of LEE's declining revenue trend and the strategic rationale of this cross-border investment.