Lee Enterprises Closes Strategic Investment, Welcomes David Hoffmann as Chairman

Lee Enterprises has closed a $50 million strategic equity private placement led by David Hoffmann, with participation from existing investors. The investment strengthens the company's financial and governance foundation and provides committed capital. Hoffmann joined the board of directors as chairman. The transaction also reduced the annual interest rate on $455.5 million of the company's outstanding long-term debt to 5% from 9%.