Lee Enterprises to buy Dispatch-Argus of Moline, Rock Island, IL
June 19 2017 - 10:45AM
Lee Enterprises, Incorporated (NYSE:LEE), a major provider of local
news, information and advertising in 49 markets, announced today an
agreement to purchase the assets of the the Dispatch-Argus,
including QCOnline.com and related publications serving Moline,
Rock Island and dozens of other communities in western Illinois.
The purchase price is $7.15 million, including an adjustment for
working capital. The sale is expected to close later this
month.
“The Dispatch-Argus is a perfect strategic fit for Lee,” said
Lee President and Chief Executive Officer Kevin Mowbray. “It is
adjacent to two of our Iowa enterprises, in Davenport and
Muscatine, so this will expand our audiences and create additional
synergy opportunities. We expect the acquisition to provide
immediate value, accretive to both earnings and free cash
flow.”
The Dispatch-Argus publishes seven mornings a week, with a
combined average daily circulation of more than 25,000. It is owned
by the Small Newspaper Group, based in Kankakee, IL.
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 21 states. Lee's
newspapers have combined circulation of 0.9 million daily and 1.2
million Sunday, reaching an estimated nearly 3 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 lee.net.
FORWARD-LOOKING STATEMENTS — The Private Securities Litigation
Reform Act of 1995 provides a “safe harbor” for forward-looking
statements. This release contains information that may be deemed
forward-looking that is based largely on our current expectations,
and is subject to certain risks, trends and uncertainties that
could cause actual results to differ materially from those
anticipated. A list of such risks, trends and other uncertainties
is included in quarterly and annual reports and other financial
filings, and also can be viewed at lee.net. Any statements that are
not statements of historical fact (including statements containing
the words “may”, “will”, “would”, “could”, “believes”, “expects”,
“anticipates”, “intends”, “plans”, “projects”, “considers” and
similar expressions) generally should be considered forward-looking
statements. Readers are cautioned not to place undue reliance on
such forward-looking statements, which are made as of the date of
this release. We do not undertake to publicly update or revise our
forward-looking statements, except as required by law.
Contact:
Charles Arms
Director of Communications
IR@lee.net
(563) 383-2100
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