Lee Enterprises Provides Update On Digital Transformation Strategy and Growth Targets

Three-Pillar Strategy Focused on Growing Base of Annualized Recurring Revenue and Driving Shareholder Value

Also Announces Stock Exchange Listing Transfer to Nasdaq

Company to Host Conference Call at 9:00 a.m. CT Today

DAVENPORT, Iowa , April 05, 2021 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NYSE: LEE), a major subscription and advertising platform and a leading provider of high quality, trusted, local news and information in 77 markets, today provided an update on its digital transformation and growth strategy.

“With strong momentum, including the completion of a compelling transaction with Berkshire Hathaway in fiscal 2020, Lee is accelerating our transformation as a top digital news and information provider,” said Kevin Mowbray, President and Chief Executive Officer. “Today, Lee is the fastest growing digital subscription platform in local media, and we are building on our bold course for our digital future as we enter our next chapter. We will be guided by a multi-year strategy that leverages our attractive market position, enhanced balance sheet, well-established digital infrastructure, and talented team. As we execute, Lee will expand our subscriber base, grow our base of annualized recurring revenue, drive new revenue streams with enhanced capabilities for advertisers, and create value for shareholders.”

Mowbray continued, “We are focused on unlocking the full value of Lee, consistent with the valuations awarded to industry peers and similar digital-first media companies. As we execute our strategy and continue to repay debt, we see significant opportunity for value creation.”

Growth Strategy

Lee’s three-pillar growth strategy is aimed at advancing our digital transformation and creating a growing base of annualized recurring revenue, resulting in top-line revenue growth:

• Transform the presentation of local news and information by providing best-in-class reader and user experiences with digital presentations that emphasize video and other multimedia formats and rich, high-value content.
• Accelerate overall subscription growth by converting more of our vast addressable market to subscribers leveraging cutting-edge data and technology and expanded offerings for paid, niche content on topics where Lee has expertise and unique selling positions.
• Diversify and expand offerings for advertisers by launching a portfolio of video advertising initiatives and e-commerce sales strategies through Lee’s in-house Amplified Digital Agency that will enable advertisers to leverage Lee’s vast data-rich digital audiences and reach consumers in new ways.