Lee Enterprises Files Definitive Proxy Statement and Sends Letter to Shareholders

Urges Shareholders to Vote FOR the Board’s Three Highly Experienced Nominees to Protect Shareholder Value

Launches Resource for 2022 Annual Meeting at https://investors.lee.net/2022-annual-meeting

DAVENPORT, Iowa, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NASDAQ: LEE) (“Lee” or the “Company”) today filed definitive proxy materials with the U.S. Securities & Exchange Commission in connection with its 2022 Annual Meeting to be held on March 10, 2022. All shareholders at the close of business on January 12, 2022 are entitled to vote at the Annual Meeting.

This year’s annual meeting is particularly important because in November 2021, a “vulture hedge fundⁱ,” Alden Global Capital (“Alden”), made a hostile bid to buy Lee for just $24 per share, an offer that grossly undervalues Lee and represents a 33% discount to the Company’s closing stock price as of January 21, 2022. To advance its inadequate, hostile bid, Alden attempted to nominate three hand-selected candidates to replace the members of the Board’s Executive Committee, which includes Lee’s Chairman, CEO and Lead Independent Director.

Lee does not believe Alden properly nominated its candidates, an issue that is pending before a court, but the critical point is this: Lee’s shareholders should want its strong Board leadership to remain in place to ensure any proposal from Alden (or others) is reviewed objectively with an eye on determining what is in the best interest of all Lee shareholders.

Lee’s Board urges shareholders to protect their investment by voting “FOR” ALL the Board’s three nominees using the WHITE proxy card.

Along with the definitive proxy statement and annual report, Lee sent a letter to shareholders, which can be viewed here https://investors.lee.net/static-files/ff310b4c-f1ca-46f8-9761-71ab4b1 ...

Lee shareholders are encouraged to visit https://investors.lee.net/2022-annual-meeting to view Lee’s definitive proxy materials, the letter and additional information regarding the 2022 Annual Meeting.

If you have any questions or require any assistance in voting your shares, please contact Lee’s proxy solicitor:

Morrow Sodali LLC
509 Madison Avenue Suite 1206
New York, NY 10022
Shareholders Call Toll Free: 800-662-5200
Banks, Brokers, Trustees, and Other Nominees Call Collect: 203-658-9400
Email: [e-mail]

About Lee Enterprises
Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information, with daily newspapers, rapidly growing digital products and over 350 weekly and specialty publications serving 77 markets in 26 states. Year to date, Lee’s newspapers have average circulation of 1.0 million, and our legacy website, including acquisitions, reach more than 47 million digital unique visitors. Lee’s markets include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is traded on NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net.