Hoffmann wants to buy controlling stake in Lee Enterprises, NYT reports

David Hoffmann, who has purchased more than 5% of Lee Enterprises (LEE), wants to buy up a controlling stake one of America’s largest newspaper companies and acknowledged in an interview Friday that investing in local newspapers in 2024 is “a somewhat quixotic proposition,” but believes print newspapers are “a key part of the American fabric.” He thinks Lee Enterprises is “undervalued by the stock market and a smart financial bet,” said Benjamin Mullin in a New York Times interview that was published on October 21. In Tuesday midday trading, shares of small-cap Lee Enterprises have risen $1.33, or 8%, to $17.47 as the Times interview gets circulated among traders.