Welcome to our dedicated page for Lee Enterprises SEC filings (Ticker: LEE), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Lee Enterprises, Inc. filings document the formal disclosures of a Nasdaq-listed local media company with common stock outstanding. The record includes Form 8-K reports on preliminary operating results, Regulation FD materials, executive appointments, annual-meeting voting results, shareholder proposal deadlines, material agreements and capital-structure changes.
Proxy statements and related meeting filings describe board elections, executive compensation, charter and share-authorization matters, stock issuance approvals and shareholder voting mechanics. Other disclosures address the company’s digital-subscription and advertising model, the transition from print media, credit-facility and debt terms, preferred share purchase rights, governance practices and risk factors including advertising demand, subscription trends, technology systems, cybersecurity, labor costs, newsprint and other input costs, competition and Nasdaq listing status.
Lee Enterprises reported quarterly operating revenue of $130.1 million, down 10.0% year over year, but sharply reduced its net loss to $5.1 million from $16.2 million. Cost-cutting lowered operating expenses 15.5%, lifting operating results to a $5.2 million profit and increasing Adjusted EBITDA to $12.3 million from $7.6 million.
Digital businesses remain central: total digital revenue was $70.3 million, or 54.1% of revenue, while digital-only subscription revenue grew 5.3% to $22.7 million and digital-only subscribers reached 609,000. Cash was $12.6 million and long-term debt under the BH Finance term loan was $455.5 million.
After quarter-end, Lee closed a private placement of 16,000,000 shares at $3.25, raising about $50.0 million to support working capital and general purposes. A related credit amendment cut the term loan margin from 9.00% to 5.00% for five years and reset excess cash flow thresholds, easing near-term interest and liquidity pressure. Leadership changes accompanied the financing, with the CEO set to retire, the COO becoming Interim CEO, and a new Interim CFO appointed.
Quint Digital Ltd, a more than 10% owner of Lee Enterprises, Inc., reported a major open‑market purchase of common stock. On February 5, 2026, it bought 2,451,346 shares at $3.25 per share. After this transaction, Quint Digital directly owns 3,214,346 Lee Enterprises shares.
A footnote notes that Ritu Kapur and Vidur Bahl also beneficially own 250 and 30,205 Lee Enterprises common shares, respectively, separate from Quint Digital’s reported holdings.
LEE Enterprises’ major shareholder group led by Gabelli entities has reduced its reported stake to 3.82% of the company. The filing shows beneficial ownership of 847,944 common shares out of 22,169,885 shares outstanding.
The decrease in ownership percentage is attributed to an approximately 15 million share increase in Lee’s outstanding stock following a private placement on February 5, 2026. Key holders include GAMCO Asset Management with 575,658 shares, Gabelli Funds with 232,286 shares, Gabelli Foundation with 23,000 shares, and Teton Advisors with 17,000 shares. The group states it ceased to be a beneficial owner of more than five percent of Lee on February 5, 2026 and continues to use the long‑form Schedule 13D because it may regularly communicate with the company’s management.
Lee Enterprises reported preliminary first-quarter fiscal 2026 results showing a net loss of $5.1 million but significantly stronger operating performance. Total revenue was $130.1 million, down about 10% from a year earlier, while Adjusted EBITDA rose to $12.3 million, an increase of $4.7 million or roughly 61%, helped by a $2 million cyber insurance reimbursement and cost reductions.
Digital businesses continued to reshape the company: total digital revenue was $70.3 million, or 54% of total revenue, with digital-only subscription revenue of $22.7 million and 609,000 digital-only subscribers. The company closed a $50 million private placement of common stock and amended its Berkshire Hathaway–backed credit agreement, cutting the interest rate on its $455 million term loan to 5% from 9% for five years. Lee expects this to save about $18 million of interest annually and up to $90 million over five years, supporting its digital transformation and balance sheet.
Lee Enterprises disclosed that entities affiliated with David Hoffmann have become majority owners through a large private placement. The company sold 15,384,615 new common shares at $3.25 per share to Hoffmann as anchor investor and other investors, raising substantial equity capital.
Of these, 10,909,440 shares went to Hoffmann, and 615,384 additional shares were issued to his advisor as expense reimbursement. The reporting group now beneficially owns 11,528,340 shares, representing about 51.82% of Lee’s outstanding common stock as of the closing date.
The placement followed shareholder approval of both the new share issuance and an increase in authorized common shares from 12,000,000 to 40,000,000. Hoffmann was appointed chairman of the board, with the board expected to expand from nine to ten members to add a mutually agreed director. Investors agreed to a 180‑day lock‑up and a 12‑month standstill, with certain investors allowed to buy up to 600,000 additional shares during the standstill.
Lee Enterprises President & CEO Kevin Mowbray reported routine equity-related transactions. On February 5, 2026, 7,867 shares of common stock were withheld and deemed disposed back to Lee at $5.46 per share to cover taxes on vesting of previously granted restricted stock, leaving 118,970 common shares held directly.
On March 11, 2025, he received an option for 13,380 shares at an exercise price of $16.36, vesting in three equal annual installments beginning December 16, 2025 and expiring December 15, 2034. He also received 16,374 performance rights, each representing one share of common stock that can vest on September 26, 2027 if specified stock performance conditions are met.
Lee Enterprises’ vice president, CFO and treasurer updated their equity holdings in an amended insider filing. On February 3, 2026, 4,055 shares of common stock were withheld at $5.46 per share to cover taxes on previously granted restricted stock, reducing directly held shares in that transaction.
After correcting a prior scrivener’s error that had understated ownership by 8,066 shares, the officer now directly holds 30,186 common shares. The officer also holds an employee stock option for 5,203 shares at $16.36 per share, expiring on December 15, 2034 and vesting in three equal annual installments beginning December 16, 2025, plus 6,364 performance rights that each represent a contingent right to one share of common stock vesting on September 26, 2027 if performance criteria are met.
Lee Enterprises executive Timothy R. Millage, V.P., CFO and Treasurer, reported a mix of tax-related share withholding and new equity awards. On 02/03/2026, 12,121 shares of common stock were withheld at $5.46 per share to cover taxes on vesting restricted stock, leaving him with 22,120 directly owned shares.
On 03/11/2025, he received 5,203 employee stock options with a $16.36 exercise price, vesting in three equal annual installments beginning December 16, 2025 and expiring December 15, 2034. He also received 6,364 performance rights, each representing a contingent right to one share of common stock that vests on September 26, 2027 if specified stock performance criteria are met.
Lee Enterprises completed a private placement that transferred majority ownership to investor David Hoffmann while reshaping its capital structure and leadership. The company sold 15,384,615 common shares at $3.25 per share and issued 615,385 additional shares as fee reimbursement, creating a change of control on February 5, 2026, with Hoffmann and affiliates holding about 52% of outstanding stock. Stockholders approved a charter amendment increasing authorized common shares from 12,000,000 to 40,000,000, and the company terminated its rights agreement, eliminating the associated preferred stock designation. A credit agreement amendment reduced the margin on the 25‑year term loan from 9.00% to 5.00% for five years, with expected interest savings of approximately $18 million annually and up to $90 million over that period. CEO Kevin Mowbray retired, COO Nathan Bekke became interim CEO, CFO Timothy Millage resigned for personal reasons, and Josh Rinehults was appointed interim CFO and Treasurer.
Lee Enterprises, Incorporated is asking stockholders to approve several proposals at a virtual special meeting on February 3, 2026. The key items are an amendment to its charter to increase authorized common shares from 12,000,000 to 40,000,000 and approvals tied to a private placement of up to 16,000,000 common shares at $3.25 per share, expected to raise about $50.0 million in gross proceeds.
The private placement is conditioned on stockholder approval of the share increase, a Nasdaq 20% share issuance proposal, and a Nasdaq change of control proposal. If completed, investors and their affiliates are expected to own about 79% of outstanding common stock, with anchor investor David Hoffmann and affiliates increasing their stake from about 9.9% to roughly 52% and gaining board chairmanship and an additional board designee.
The company discloses recurring net losses and indicates it needs this financing to continue as a going concern and to support operations. Concurrently, its long‑term term loan with BH Finance LLC would be amended to cut the interest margin from 9.00% to 5.00% for five years, which is expected to save roughly $18 million annually, or about $90 million in total. CEO Kevin Mowbray plans to retire immediately before closing, with COO Nathan Bekke expected to serve as interim CEO; Mowbray will receive a $1.5 million severance and COBRA premiums, contingent on closing.