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DAVENPORT, Iowa, June 19, 2017 -- 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 [email protected] (563) 383-2100
