By Katherine Hamilton
The Hoffmann Family of Cos. is looking to buy Lee Enterprises after increasing its stake in the media company over the past six months.
Founder and chairman David Hoffmann said in a letter to Lee Enterprises on Thursday he wants to open discussions about a potential combination of the companies. Hoffmann Cos. would pursue acquisition of Lee Enterprises, which owns newspapers across 25 states including the St. Louis Post-Dispatch and Richmond Times-Dispatch.
Lee Enterprises declined to comment. A reporter for the New York Times first reported on Hoffmann's letter in an X post earlier Thursday.
Lee Enterprises shares rose 18%, to $10.36, following the X post. The stock is down 24% over the past 12 months.
Hoffmann Cos. first invested in Lee Enterprises in October and became its second-largest shareholder a month later, owning more than 8% of shares.
Hoffmann said he wants his company to leverage its ownership position in Lee Enterprises to grow local news outlets and help them navigate the media shift from print to digital.
Hoffmann Cos. owns 14 media companies and most recently acquired the Napa Valley Register and St. Helena Star.
A transformation to a private company would help Lee Enterprises reduce legal, accounting and regulatory burdens and focus on profitability, Hoffmann added. He asked to engage in discussions as soon as possible.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 20, 2025 15:28 ET (19:28 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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