Hoffmann Family of Companies (HF Companies) announced today that it has filed a 13D with the Securities and Exchange Commission following its latest equity purchase in Lee Enterprises, a NASDAQ-listed company (LEE). This move makes HF Companies one of the largest shareholders, with plans to further invest in Lee Enterprises. JPMorgan Chase is advising HF Companies on its strategy.
Lee Enterprises, the fourth-largest newspaper company in the U.S., operates in 26 states and owns 77 newspapers, including the St. Louis Post-Dispatch, which caught the attention of founder David Hoffmann.
“We see tremendous value in Lee Enterprises’ portfolio and have great respect for the company’s management team. This strategic investment enhances our positioning in the U.S. media space,” said David Hoffmann, Chairman of Hoffmann Family of Companies. “Our goal is to continue growing our national media presence, ensuring local communities have access to quality journalism.”
In 2005, Lee Enterprises acquired Pulitzer Inc. for approximately $1.46 billion. In January 2020, Berkshire Hathaway sold its newspaper holdings to Lee Enterprises for $140 million in cash, including 30 daily newspapers such as The Buffalo News and Omaha World-Herald. Consequently, Berkshire Hathaway became a debt holder of Lee Enterprises with a $576 million, 25-year debt instrument.
Through its subsidiary Hoffmann Media Group, HF Companies has successfully acquired several publications from Lee Enterprises, including six notable California publications: Napa Valley Register, St. Helena Star, The Weekly Calistogan, American Canyon Eagle, Inside Napa Valley Magazine and Distinctive Properties Magazine. These acquisitions have strengthened Hoffmann Media Group’s commitment to local news and community engagement, aligning with its ongoing efforts to expand its media footprint and enhance local journalism across the U.S.
Pason Gaddis, CEO of Hoffmann Media Group, added, “Our investment in Lee Enterprises underscores our dedication to preserving and enhancing local journalism, enhancing our current portfolio. We believe that by investing in Lee and its management team, we can further our mission of delivering impactful stories and fostering community connections.”
Based in Fort Myers, Florida, Hoffmann Media Group combines a rich heritage of well-known newspapers with the latest in digital innovation. The company excels in creative storytelling and data-driven insights, producing engaging content that ignites meaningful discussions and builds lasting connections within the communities it serves. By leveraging digital advancements, Hoffmann Media Group offers dynamic advertising solutions and interactive experiences across websites, mobile apps and e-editions, consistently redefining multimedia engagement and setting new benchmarks for excellence.
For more information about the Hoffmann Family of Companies and its recent acquisitions, please visit HFCompanies.com.
About Hoffmann Media Group
Hoffmann Media Group, a privately held media company based in Southwest Florida, publishes a variety of print, online, mobile and email publications. Over the past 15 years, our writers, designers and ad builders have earned over 200 awards from the Florida Press Association, Society of Professional Journalists, Florida Newspaper Advertising and Marketing Executives Association. The Florida Press Association has recognized us as the best in the state for content, consumer experiences and advertising services. Our flagship brands serve over 30 markets, offering premier digital advertising services, newspapers and magazines across Florida, California, Michigan and beyond. For more information, visit hoffmannmediagroup.com.
About Hoffmann Family of Companies
Hoffmann Family of Companies is a multi-vertical, family-owned private equity firm consisting of over 110 global brands, and employs 11,000 employees with businesses located in 30 countries and 400 locations around the world. Hoffmann Family of Companies’ verticals include Aviation, Agriculture, Financial Services, Hospitality, Business & Professional Services, Industrial, Manufacturing, Marine, Media & Marketing, Real Estate and Transportation. For more information, visit HFCompanies.com.