What changed in this filing

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Item 1. Business

2024-12-13 compared with 2023-12-08 · 102 added, 188 removed, 69 unchanged (81% of the section changed)

Lee Enterprises, Incorporated, together with its subsidiaries (“Lee”, “the Company”, “we”, “our” or “us”), is a digital-first subscription business providing local markets with valuable, high quality, trusted, intensely local news, information, advertising and marketing services.

We inform consumers in 75 mid-sized local communities in 26 states with a rapidly growing digital subscription platform including 721,000 digital subscribers.

Our core strategy aims to grow audiences and engagement through creating, collecting, and distributing trusted local news and information, continuous improvements to subscriber experience, and offering a full suite of omni-channel advertising and marketing to more than 30,000 local advertisers.

Our product portfolio includes digital subscription platforms, daily, weekly and monthly newspapers and niche products, all delivering original local news and information as well as national and international news.

Our products offer digital and print editions, and our content and advertising is available in real time through our websites and mobile apps.

We operate in predominately mid-sized communities with products ranging from large daily newspapers and associated digital products, such as the St.

Louis Post-Dispatch and The Buffalo News , to non-daily newspapers with news websites and digital platforms serving smaller communities.

We have made investments in talent and technology to improve user experience, content, data visualization and marketing to align with the shift in spending habits by both consumers and advertisers toward digital products.

In 2023, total digital revenues, which include digital advertising and marketing services revenues, digital-only subscription revenues, and digital services revenues, were $273.2 million, or 39.5% of our total revenues.

We aim to grow our business through three main categories:

subscriptions to our product offerings, advertising and marketing solutions to local advertisers, and digital services to a diverse set of customers.

Execution of this strategy is expected to transform Lee into a growing and sustainable local media organization.

• Our digital subscription platforms are the fastest growing digital subscription platforms in local media.

At the end of 2023, we had 721,000 subscribers to our digital platforms, up 35.6% over 2022.

Revenue from digital-only subscribers totaled more than $60 million in 2023, up 51% over 2022.

• Amplified Digital ® ("Amplified"), our digital marketing services agency, offers a full suite of digital marketing solutions to local advertisers.

Revenue at Amplified totaled more than $91.2 million in 2023 up 20% over 2022.

• BLOX Digital (formerly known as TownNews), our software as a service (SaaS) content platform, is one of the largest web-hosting and content management SaaS providers in North America.

BLOX Digital represents a powerful opportunity to drive additional digital revenue by providing state-of-the-art web hosting and content management services to more than 2,000 customers who rely on BLOX Digital for their web, over-the-top display, mobile, video and social media products.

Revenue at BLOX Digital, including intercompany revenue, totaled $35 million in 2023, and has achieved a compound annual growth rate of 11.0% over the last ten years.

Lee Enterprises, Incorporated is a leading digital-first subscription business dedicated to delivering high-quality, trusted, and intensely local news, information, advertising, and marketing services.

We serve 73 mid-sized communities across 26 states, engaging over 771,000 digital subscribers through our rapidly growing digital platform.

Our mission is to enrich communities by providing engaging local content, enhancing subscriber experiences, and empowering more than 25,000 local advertisers with a comprehensive suite of omni-channel advertising and marketing solutions.

Our diverse portfolio includes digital subscription platforms, daily, weekly, and monthly newspapers, and niche products, all tailored to deliver original local content alongside national and international news.

These products are accessible in both digital and print formats, with real-time updates available through our websites and mobile apps.

Operating predominantly in mid-sized communities, our offerings range from prominent daily newspapers and their digital counterparts—such as the St.

Louis Post-Dispatch and The Buffalo News —to non-daily newspapers and digital platforms serving smaller towns.

By combining deep local insights with innovative digital solutions, Lee Enterprises is transforming the way communities stay informed and connected.

Technology, media, and consumer behavior are experiencing a seismic shift driven by the rise of generative AI.

This groundbreaking innovation is transforming how information is created, shared, and consumed, offering an unprecedented opportunity for media companies to adapt, innovate, and solidify their role as trusted providers of news and information.

As a local news organization operating across 26 states, Lee is uniquely positioned to succeed in this evolving landscape.

Our communities depend on us not only for unbiased reporting but also as the vital connection that brings together neighbors, leaders, and businesses.

Leveraging the transformative potential of generative AI, we are enhancing our commitment to truth, transparency, and service—ensuring we remain a cornerstone of the communities we serve in this dynamic new era.

While monetization opportunities of our content and data continue to grow, we generate revenue today primarily through advertising and marketing services, subscriptions to our digital and print products, and digital services, primarily through our majority-owned subsidiary, BLOX Digital, our software as a service content platform.

Advertising and Marketing Services Lee provides comprehensive advertising and marketing services tailored to local, regional, and national businesses.

Our advertising revenue streams are categorized as follows:

• Digital Advertising :

Display and targeted advertising on our owned and operated digital platforms.

• Digital Marketing Services :

Offered through Amplified , our suite includes targeted display, video, OTT (over-the-top), hyper targeted AI advertising, custom content, web development, social media management, search engine marketing, events, email campaigns, and other advanced marketing strategies.

• Print Advertising :

Display advertising featured in our daily and non-daily print publications.

• Preprinted Inserts :

Advertising distributed within our daily and non-daily print products.

Digital advertising and marketing services remain a cornerstone of our strategic priorities for 2025.

Our advertising teams utilize an omni-channel sales approach, integrating the reach of our owned and operated platforms with the capabilities of Amplified .

This approach enables us to provide a full suite of digital marketing solutions.

Leveraging a nationally scaled sales force, proprietary ad technology, and robust analytics, we deliver data-driven, customized advertising solutions.

Using AI-powered media planning, we craft targeted, integrated campaigns to help advertisers connect with their intended audiences effectively.

Subscription Business

Lee offers a range of subscription options, including digital-only subscriptions, full-access subscriptions, and single-copy sales.

• Digital-Only Subscriptions :

This rapidly growing segment offers access to our content exclusively through digital platforms.

Expanding our digital-only subscriber base and revenue remains a top strategic priority for 2025.

• Full-Access Subscriptions :

Provide comprehensive access to our content across multiple platforms, including print editions (delivered or available for pickup), websites, smartphone and tablet apps, and e-editions.

Pricing varies significantly by market and delivery frequency.

Like broader industry trends, print subscription volumes declined in 2024.

To drive digital-only subscription growth, we employ several key strategies:

• Investing in relevant, trusted, and hyper-local news and information that deeply connects with our communities.

• Launching brand marketing campaigns to highlight the value and appeal of our content.

• Continuously enhancing the subscriber experience to improve engagement and satisfaction.

• Converting organic website traffic into subscribers through on-platform promotions, paywalls, and dynamic metering systems.

We also implement a variety of pricing strategies, such as discounted introductory offers, to encourage trial usage and build habituation before transitioning subscribers to standard rates.

This multi-faceted approach ensures we remain a trusted source of information while capitalizing on the opportunities of the digital-first era.

We generate revenue primarily through advertising and marketing services, subscriptions to our digital and print products, and digital services, primarily through our majority-owned subsidiary, BLOX Digital.

On March 16, 2020, we completed the acquisition of BH Media Group, Inc.

("BH Media") and The Buffalo News, Inc.

("Buffalo News"), adding 31 local media operations and nearly doubling our audience size and total operating revenue.

See Note 1 — Significant Accounting Policies, in the Consolidated Financial Statements for more information on the acquisition.

Advertising and Marketing Services - In 2023, advertising and marketing services revenue of $319.0 million comprised 46.2% of total operating revenue.

Advertising and marketing services are primarily sold to local, regional, and nationwide businesses.

There are four categories of advertising revenue:

• Advertising on our owned and operated digital products;

• Digital marketing services through Amplified, including targeted display, video, OTT, custom content, web development, social media management, search, events, email marketing and other tactics;

• Display advertising in daily and non-daily print publications;

• Preprinted advertising inserted in our daily and non-daily print publications.

Digital advertising and marketing services remain a key strategic priority for us in 2025.

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Through our AI-driven media planning process, we present our advertisers with targeted, integrated solutions that help them reach their intended audiences.

Advertising and marketing services revenues are subject to moderate seasonality primarily due to fluctuations in advertising volumes tied to holidays and seasonal advertising.

Our advertising and marketing services revenues are typically highest during the first quarter due to holiday and seasonal advertising and lowest in the second quarter following the holiday season.

Subscription Revenue - In 2023, subscription revenue of $313.3 million comprised 45.3% of our total operating revenue.

Subscription revenue is earned primarily from selling subscriptions to our content through our full access subscriptions, digital-only subscriptions and single copy sales.

Our full access subscriptions include access to all of our content on multiple platforms;

including our print products delivered or made available to consumers, websites, smartphone and tablet applications, and e-editions with pricing varying significantly by market and by frequency.

Consistent with general publishing industry trends, print subscription volumes declined in 2023.

We experienced rapid growth of our digital-only subscriptions.

Digital-only subscriptions include access to our content on our digital platforms.

At the end of the fiscal year, we had over 721,000 digital-only subscribers, up 35.6% compared to 2022, with revenue totaling $60 million, or up 51% compared to 2022.

Growing our digital-only subscribers and digital-only revenue remains a top strategic priority in 2024.

Our primary digital-only subscriber acquisition tactics include:

• Investing in relevant, trusted, and intensely local news and information that connects and engages our local communities;

• Brand marketing campaigns to raise awareness to the desirability of our content;

• Continuously improving our subscriber experience;

• Converting our significant organic traffic through on-platform promotion, paywalls, and dynamic meters.

A variety of pricing strategies are also used, including discounted introductory periods and sales, to encourage trial and habituation before transitioning to the full price rate.

Digital Services Revenue – In 2023, digital services revenue of $19.4 million comprised 2.8% of our total operating revenue.

In 2023, almost all of our digital services revenue is from BLOX Digital.

BLOX Digital, operated through our 82.5% owned subsidiary INN Partners, L.C., is one of the largest web-hosting and content management SaaS providers in North America and offers state-of-the-art integrated digital publishing and content management solutions for creating, distributing, and monetizing multimedia content.

• BLOX Digital is the engine that powers our digital products.

In addition, BLOX Digital services nearly 2,000 daily customers, including legacy media publications, universities, television stations and niche publications.

Advertising and marketing services revenues are subject to moderate seasonality primarily due to fluctuations in advertising volumes tied to holidays and seasonal advertising in our first fiscal quarter.

Digital Services Revenue – In 2024, almost all of our digital services revenue is from BLOX Digital.

BLOX Digital, operated through our 82.5% owned subsidiary INN Partners, L.C., is one of the largest web-hosting and content management SaaS providers in North America and offers modern integrated digital publishing and content management solutions for creating, distributing, and monetizing multimedia content.

• BLOX Digital services more than 2,000 daily customers, including media publications, universities, television stations and niche publishers, including Lee.

• Including intercompany revenue generated from our markets, revenue at BLOX Digital grew 10.4% in 2024 and totaled $38.6 million.

• With strong product offerings, investments in video and streaming technology and diversifying the customer base into broadcast, BLOX Digital is positioned to continue to be a key component of our growth strategy.

Other Revenue - In 2023, Other Revenue of $58.9 million comprised 8.5% of total operating revenue.

Excluding digital services revenue, other revenue is comprised mainly of commercial printing and delivery of third-party products.

In 2023, other revenue excluding digital services of $19.4 million, comprised 5.7% of our total operating revenue, compared to $18.0 million and 5.5% in 2022.

• We made significant investments in BLOX Digital in 2024 including enhancing its product capabilities that include an AI driven digital platform that offers a personalized mobile news app, a smart paywall, and an AI assistant tool.

Other Revenue - Excluding digital services revenue, other revenue is comprised mainly of commercial printing and delivery of third-party products.

We compete with other media and digital companies for advertising and marketing spend.

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STRATEGIC INITIATIVES

We are committed to a strategy that transforms Lee into a sustainable and growing digital business.

Aligning with that commitment, our Three Pillar Digital Growth Strategy is focused on the following:

Expand digital audiences by transforming the presentation of local news and information.

We seek to maintain our dominant market position as the leading provider of news and information by providing best-in-class digital experiences to improve consumer engagement and grow our audiences.

We aim to achieve this by delivering relevant, useful, and engaging content to the consumer using a multi-media approach, including video and audio.

In 2024, we plan to continuously improve the user experience with our digital products through targeted investments in top talent aimed at improving the mobile version of our digital products and leveraging the information we have to improve subscriber retention.

Providing our local consumers with more and more high quality, trusted, engaging content is important to growing our digital audiences and driving subscription conversions.

We believe that our proprietary local content displayed in best-in-class multimedia platforms combined with new and engaging content and video channels will grow our audiences and increase our audience monetization capabilities.

Expand digital subscription base and revenue.

We are the fastest growing local media digital subscription business.

Digital-only subscriber growth continued at a rapid pace in 2023, offsetting the declines in our traditional full access (print and digital) subscribers.

Our digital audiences are comprised of full access subscribers, digital-only subscribers and non-subscribers who access our sites subject to our paywalls.

More than 53% of our full access subscribers have activated their digital access, and digital-only subscribers increased 35.6% in 2023, reaching over 721,000 digital-only subscribers.

Our acquisition and retention tactics are focused on growing our digital subscription base by using data and analytics to direct our huge addressable market of 31 million unique visitors toward obtaining a digital subscription.

Using these techniques, we expect digital-only subscribers to continue to grow substantially, reaching more than 1.2 million digital-only subscribers by 2028.

We believe our digital transformation will have a favorable impact on the environment.

A key component of our digital growth strategy is to accelerate the pace of digital subscriber growth.

Growing our digital revenue

streams as the print revenues mature will have a favorable impact on the environment as our production hubs will consume less energy, we will consume less newsprint, and there will be less environmental impact from our distribution channels that largely operate on fossil-fuel powered transportation.

Our strategy emphasizes technology leadership through partnerships, products, and operational excellence.

There are three pillars to our strategy:

Expand Our Audience with Compelling Local Content

Lee is committed to maintaining its leadership position as a trusted provider of local news and information by delivering best-in-class digital experiences.

We focus on enhancing consumer engagement and growing audiences by offering relevant, useful, and engaging content through a multi-media approach that leverages AI and includes video, audio, and written content.

In 2025, we plan to make targeted investments to improve the user experience of our digital products, particularly on mobile platforms, and aim to personalize news and content that amplifies and extends our audiences.

By recruiting top talent and leveraging data to enhance subscriber retention, we aim to provide our local consumers with trusted, high-quality content that drives digital audience growth and subscription conversions.

Our proprietary local content, presented on best-in-class multimedia platforms and augmented by new and engaging video channels, is designed to not only grow audiences but also increase monetization opportunities.

Accelerate Digital Subscription Growth

As the fastest-growing local media digital subscription business, Media Company continues to achieve significant growth in digital-only subscribers.

In 2024, digital-only subscriptions increased by 7%, reaching over 771,000 subscribers and offsetting declines in traditional full-access subscriptions.

More than 53% of our full-access subscribers have also activated their digital access.

Our strategy includes leveraging data and analytics to target our extensive addressable market of 26 million unique visitors, converting them into digital subscribers.

With these efforts, we aim to achieve substantial growth in digital-only subscribers, targeting over 1.2 million by 2028.

This digital transformation is not only a strategic imperative but also an environmentally sustainable one.

By shifting to digital platforms, we reduce energy consumption at production hubs, newsprint usage, and the environmental impact of fossil-fuel-driven distribution channels.

Diversify and Expand Offerings for Local Advertisers

According to eMarketer, local advertising spending is expected to reach nearly $150 billion in 2024.

Our vast array of rapidly growing digital products, our large, digitally-adept salesforce and Amplified, our full service digital agency, create a powerful opportunity to gain scale both in and outside of our local markets.

• Our local sales forces are larger than any local competitor, and we believe they are the most highly trained and proficient sales force in our markets.

• We have strong relationships with businesses in our markets and offer a wide array of products to deliver our advertisers' message.

Through Amplified we create sophisticated digital campaigns on our owned and operated sites and on third-party sites that give advertisers the ability to target their message to reach their desired audiences.

Our sales force deploys an omni-channel sales approach that leverages the auction-based ad buying that is widely adopted by all major digital advertising channels, and tailors advertising and marketing solutions based on the size, scale, and needs of the advertiser.

We collaborate with Google and other ad tech companies to provide key metrics and analytics to measure campaign effectiveness.

BLOX Digitals represents a powerful opportunity for us to drive additional digital revenue through their SaaS content platform.

In 2023, revenue at BLOX Digital, including intracompany revenue, totaled $35 million and since 2013 the compounded annual growth rate of BLOX Digital revenue has been 11.0%.

Through continuous investment in product development and gaining essential technology, like world-class video and streaming technology, BLOX Digital is the leading CMS provider in the publishing CMS segment and is growing its market share in the broadcast CMS segment.

In 2024, we believe we can grow revenue at BLOX Digital through modest market share gains in our core markets, increasing our average revenue per customer.

DAILY NEWSPAPERS AND MARKETS

Our advertising and marketing solutions provide a robust platform for local advertisers to achieve scale both within and beyond our markets.

• Amplified Digital Solutions :

Through Amplified , our full-service digital agency, we create sophisticated campaigns on both our owned-and-operated sites and third-party platforms.

These campaigns use auction-based ad buying and are tailored to meet the specific needs and scale of each advertiser.

• Omni-Channel Sales Approach :

Our highly skilled and digitally adept salesforce—the largest and most proficient in our markets—works closely with local businesses to provide tailored advertising solutions.

• Advanced Metrics and Collaboration :

Collaborating with Google and other ad tech providers, we deliver advanced metrics and analytics to ensure campaign effectiveness and ROI.

NEWSPAPERS AND MARKETS

The Company, including our investments in TNI Partners ("TNI") in Tucson, AZ and Madison Newspapers, Inc.

("MNI") in Madison, WI, publish the following daily newspapers and maintain the following primary digital sites:

Average Units (5)

September 2024 (3)

2024 Monthly Average ('000s)

Newspaper Primary Website Location Daily (3)

Newspaper Primary Website Location Digital & Print Subscribers (4)

Unique Visitors Page Views

Louis Post-Dispatch (1)

stltoday.com St.

Louis Post-Dispatch stltoday.com St.

Louis, MO 87,358 2,642 21,952

Buffalo News (2)

buffalonews.com Buffalo, NY 69,842 89,694 2,325 21,830

Omaha World Herald (1)

omaha.com Omaha, NE 58,514 63,319 1,520 19,512

Wisconsin State Journal (1)(4)

madison.com Madison, WI 49,140 51,450 1,698 19,380

Richmond Times-Dispatch (1)

richmond.com Richmond, VA 48,807 52,218 1,305 14,151

The Times (1)

nwitimes.com Munster, Valparaiso, and Crown Point, IN 42,413 43,416 1,100 17,262

Arizona Daily Star (5) (1)

azstarnet.com Tucson, AZ 39,500 45,848 1,368 13,339

Tulsa World (1)

tulsaworld.com Tulsa, OK 33,565 36,484 1,210 9,965

Buffalo News buffalonews.com Buffalo, NY 78,433 1,679 22,154

Tulsa World tulsaworld.com Tulsa, OK 64,352 958 7,988

Omaha World Herald omaha.com Omaha, NE 62,498 1,356 16,391

Wisconsin State Journal (1) madison.com Madison, WI 58,758 1,294 13,255

Richmond Times-Dispatch richmond.com Richmond, VA 46,896 970 10,530

Arizona Daily Star (2) azstarnet.com Tucson, AZ 42,980 1,179 2,977

The Times nwitimes.com Munster, Valparaiso, and Crown Point, IN 40,311 832 7,237

Billings Gazette billingsgazette.com Billings, MT 35,849 665 5,966

Lincoln Journal Star (1)

journalstar.com Lincoln, NE 24,985 36,977 1,108 12,566

Quad-City Times qctimes.com Davenport, IA 22,116 23,685 657 5,634

The Bismarck Tribune bismarcktribune.com Bismarck, ND 22,006 408 4,990

Average Units (5)

2023 Monthly Average ('000s) (6)(7)

Newspaper Primary Website Location Daily (3)

Unique Visitors Page Views

Winston Salem Journal (1)

journalnow.com Winston-Salem, NC 19,674 20,548 693 6,081

Roanoke Times roanoke.com Roanoke, VA 19,657 22,103 679 5,409

La Crosse Tribune lacrossetribune.com La Crosse, WI 18,837 — 443 4,362

Lincoln Journal Star journalstar.com Lincoln, NE 34,977 885 8,164

The Press of Atlantic City pressofatlanticcity.com Atlantic City, NJ 22,684 649 5,016

Roanoke Times roanoke.com Roanoke, VA 21,917 471 4,744

Quad-City Times qctimes.com Davenport, IA 20,432 453 4,073

Winston Salem Journal journalnow.com Winston-Salem, NC 20,101 538 4,810

The Pantagraph pantagraph.com Bloomington, IL 18,768 415 4,705

Missoulian missoulian.com Missoula, MT 16,652 — 413 4,647

The Post-Star poststar.com Glens Falls, NY 15,866 — 434 4,606

Rapid City Journal rapidcityjournal.com Rapid City, SD 15,557 — 321 3,618

Greensboro News-Record greensboro.com Greensboro, NC 18,563 433 3,259

The Journal Times journaltimes.com Racine, WI 14,749 15,915 405 4,274

Freelance-Star fredericksburg.com Fredericksburg, VA 16,860 244 2,962

Independent Record helenair.com Helena, MT 14,083 — 316 4,063

Napa Valley Register napavalleyregister.com Napa, CA 13,561 — 343 3,094

Dispatch-Argus qconline.com Moline, IL 13,039 13,618 226 3,131

Kenosha News kenoshanews.com Kenosha, WI 12,907 13,684 656 4,878

Missoulian missoulian.com Missoula, MT 15,615 303 3,723

The Bismarck Tribune bismarcktribune.com Bismarck, ND 12,021 315 4,422

Waco Tribune-Herald wacotrib.com Waco, TX 11,840 295 2,495

The Citizen auburnpub.com Auburn, NY 10,498 — 389 2,955

The Courier wcfcourier.com Waterloo and Cedar Falls, IA 10,342 — 386 3,510

Charlottesville Daily Progress dailyprogress.com Charlottesville, VA 10,326 — 435 2,886

Sioux City Journal siouxcityjournal.com Sioux City, IA 10,208 — 346 2,962

Montana Standard mtstandard.com Butte, MT 9,837 — 216 2,794

The Times-News magicvalley.com Twin Falls, ID 9,270 — 200 1,743

The Daily News tdn.com Longview, WA 9,141 — 206 1,851

Herald & Review herald-review.com Decatur, IL 9,128 — 284 3,074

Lynchburg News & Advance newsadvance.com Lynchburg, VA 9,085 — 299 2,317

The Times and Democrat thetandd.com Orangeburg, SC 8,551 — 290 1,889

Hickory Daily Record hickoryrecord.com Hickory, NC 8,237 — 285 2,110

Grand Island Independent theindependent.com Grand Island, NE 8,063 — 228 2,497

Dothan Eagle dothaneagle.com Dothan, AL 7,667 — 198 1,243

Bristol Herald Courier heraldcourier.com Bristol,VA 7,385 — 222 1,798

Casper Star-Tribune trib.com Casper, WY 7,213 9,149 299 2,360

Corvallis Gazette-Times gazettetimes.com Corvallis, OR 7,020 — 143 1,697

Elko Daily Free Press elkodaily.com Elko, NV 6,776 — 171 1,552

Bryan-College Station Eagle theeagle.com Bryan, TX 6,682 — 262 1,851

Average Units (5)

2023 Monthly Average ('000s) (6)(7)

Newspaper Primary Website Location Daily (3)

Unique Visitors Page Views

The Sentinel cumberlink.com Carlisle, PA 6,477 — 189 1,578

Globe Gazette globegazette.com Mason City, IA 6,382 — 218 1,978

The Southern Illinoisan thesouthern.com Carbondale, IL 6,289 — 190 1,253

Albany Democrat-Herald democratherald.com Albany, OR 6,243 — 160 1,318

Scottsbluff Star-Herald starherald.com Scottsbluff, NE 5,690 — 134 947

Daily Citizen wiscnews.com/bdc Beaver Dam, WI 5,372 — — —

Opelika Auburn News oanow.com Opelika, AL 5,202 — 217 1,765

The News Herald morganton.com Morganton, NC 4,800 — 165 1,061

Florence Morning News scnow.com Florence, SC 4,787 — 195 1,263

Kearney Hub kearneyhub.com Kearney, NE 4,718 — — —

Martinsville Bulletin martinsvillebulletin.com Martinsville, VA 4,704 — 130 966

Portage Daily Register wiscnews.com/pdr Portage, WI 4,437 — — —

Baraboo News Republic wiscnews.com/bnr Baraboo, WI 4,435 — — —

Statesville Record & Landmark statesville.com Statesville, NC 3,999 — 201 993

The Daily Nonpareil nonpareilonline.com Council Bluffs, IA 3,944 — 126 875

Journal Gazette & Times-Courier jg-tc.com Mattoon/Charleston, IL 3,849 — 302 2,023

Danville Register & Bee godanriver.com Danville, VA 3,659 — 125 945

North Platte Telegraph nptelegraph.com North Platte, NE 3,355 — 105 747

Columbus Telegram columbustelegram.com Columbus, NE 3,068 — 126 919

Fremont Tribune fremonttribune.com Fremont, NE 2,984 — 155 934

The News Virginian newsvirginian.com Waynesboro, VA 2,875 — 90 433

Culpeper Star-Exponent starexponent.com Culpeper, VA 2,738 — 120 559

York News-Times yorknewstimes.com York, NE 2,700 — 74 514

Beatrice Daily Sun beatricedailysun.com Beatrice, NE 2,455 — 72 541

The McDowell News mcdowellnews.com Marion, NC 2,214 — 112 468

The Chippewa Herald chippewa.com Chippewa Falls, WI 2,009 — 100 673

Winona Daily News winonadailynews.com Winona, MN 1,927 — 81 690

Muscatine Journal muscatinejournal.com Muscatine, IA 1833 — 228 1020

Ravalli Republic ravallinews.com Hamilton, MT 707 — 64 353

September 2023 Quarterly Executive Summary Data Report, unaudited

March 2023 Quarterly Executive Summary Data Report, unaudited More recent data is not available

(3) Not all newspapers are published Monday through Saturday or have a Sunday edition

Other Daily Publications 347,178 8,496 69,434

Other Non-Daily Publications 26,598 1,035 2,841

Total 1,104,989 26,107

(1) Owned by MNI

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Company statistics.

(7) Excludes Agri-Media sites

(4) Digital & Print Subscribers represents the subscriber volumes as of September 29, 2024.

The raw material of newspapers, and our other print publications, is newsprint.

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We have not entered into derivative contracts for newsprint.

For the quantitative impacts of these fluctuations, see Item 7A, “Quantitative and Qualitative Disclosures about Market Risk”, included herein.

EMPLOYEES AND HUMAN CAPITAL RESOURCES

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We are committed to creating an equitable and inclusive workplace that also reflects the diversity of our local readers and communities in which we serve.

We continue to demonstrate our commitment to diversity, equity and inclusion by assessing our hiring practices, extending our hiring reach, providing skill-building opportunities on diverse storytelling, and developing business strategies that include historically marginalized communities.

These efforts and initiatives will help us reach our goal of a more diverse workforce at all levels of our company.

We remain deeply committed to fostering diversity within our organization by continuously evaluating and enhancing our hiring practices, broadening our recruitment efforts, offering skill-building opportunities focused on diverse storytelling, and crafting business strategies that engage historically underserved communities.

These initiatives position us to build a more representative workforce at every level, strengthening our company’s culture and driving long-term success.

CORPORATE GOVERNANCE AND PUBLIC INFORMATION

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Currently, our Board of Directors has affirmatively determined that eight of its nine members are independent, including all members of the Board's Audit, Executive Compensation, and Nominating and Corporate Governance committees.

The Audit Committee approves all services to be provided by our independent registered public accounting firm and its affiliates.

The Audit and Risk Management Committee approves all services to be provided by our independent registered public accounting firm and its affiliates.

At www.lee.net, one may access a wide variety of information, including news releases, SEC filings, financial statistics, annual reports, investor presentations, governance documents, newspaper profiles and digital links.

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Among such risks, trends and other uncertainties, which in some instances are beyond our control, are:

• We may be required to indemnify the previous owners of the BH Media Newspaper Business or Buffalo News for unknown legal and other matters that may arise;

• We may be required to indemnify the previous owners of the BH Media or Buffalo News for unknown legal and other matters that may arise;

• Our ability to manage declining print revenue;

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• Significant cyber-security breaches or failure of our information technology systems;

• Our ability to achieve planned expense reductions and realize the expected benefit of our acquisitions;

• Our ability to maintain employee and customer relationships;

• Our ability to manage increased capital costs;

• Our ability to maintain our listing status on the Nasdaq Global Select Market ("NASDAQ");

• Our ability to maintain our listing Nasdaq;

• Competition;

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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.

They reflect our expectations, are not guarantees of performance and speak only as of the date the statement is made.

Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this Annual Report.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business