Lee Enterprises Completes Acquisition in Sioux City
DAVENPORT, Iowa, Jul 1, 2002 (BUSINESS WIRE) -- Lee Enterprises, Incorporated (NYSE:LEE), has completed the purchase of the Sioux City Journal in Sioux City, Iowa.
In the transaction, announced June 6 and valued at $60.3 million, Lee bought the remaining 50 percent interest in the newspaper from the operating partner, a subsidiary of The Hagadone Corporation. Lee agreed to pay $59.3 million in cash and give Hagadone ownership of a group of weekly publications in northwestern Montana.
The Sioux City Journal has 165 employees and daily circulation of 42,800. Lee acquired its initial 50 percent interest through the purchase of Howard Publications in April.
With the acquisition, Lee owns 39 daily newspapers and a joint interest in six others. Lee also owns more than 175 weekly newspapers, shoppers and classified and specialty publications, along with associated online services. Its stock is traded on the New York Stock Exchange under the symbol LEE. More information about Lee Enterprises is available at www.lee.net.
CONTACT: Lee Enterprises, Incorporated, Davenport Dan Hayes, 563/383-2163 dan.hayes@lee.net