Lee Enterprises (LEE) Announces Up to $10M Share Buyback Authorization

Lee Enterprises, Incorporated (NYSE: LEE) announced today that the Company’s Board of Directors authorized the repurchase of up to $10,000,000 of the Company’s common stock over the next 24 months.

President and CEO Kevin Mowbray said, “As we continue to evaluate our capital structure, we are pleased that the Board approved this new share repurchase program. The program demonstrates confidence in the strength of our business and commitment to delivering value to our shareholders. We believe the stock repurchase program aligns with our overall goals of reducing debt, growing the business, and creating value for our shareholders.”

“We remain committed to achieving our long-term target leverage of 2.5x adjusted EBITDA1,” said Tim Millage, Vice President and Chief Financial Officer. “As we continue to deleverage our balance sheet, the authorization allows us to opportunistically return value to shareholders as market conditions warrant.”

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