View Filing Data

Print Document View Excel Document

Note 4 - Goodwill and Other Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 29, 2019	Sep. 29, 2019
Mastheads	$ 21,883	$ 21,883
Other intangible assets, net	104,395	107,393
Customer Lists [Member]
Amortizable intangible assets, gross	698,267	697,145
Less accumulated amortization	615,906	611,786
Amortizable intangible assets, net	82,361	85,359
Noncompete Agreements [Member]
Amortizable intangible assets, gross	28,675	28,675
Less accumulated amortization	28,524	28,524
Amortizable intangible assets, net	$ 151	$ 151

Consolidated Balance Sheets (Current Period Unaudited - USD ($)	Dec. 29, 2019	Sep. 29, 2019
Current assets:
Cash and cash equivalents	$ 4,468,000	$ 8,645,000
Accounts receivable and contract assets, net	50,650,000	42,536,000
Inventories	3,373,000	3,769,000
Prepaids and other	4,659,000	5,353,000
Total current assets	63,150,000	60,303,000
Investments:
Associated companies	29,573,000	28,742,000
Other	10,847,000	10,684,000
Total investments	40,420,000	39,426,000
Property and equipment:
Land and improvements	17,028,000	16,979,000
Buildings and improvements	148,690,000	148,514,000
Equipment	230,561,000	237,289,000
Construction in process	3,432,000	1,980,000
	399,711,000	404,762,000
Less accumulated depreciation	318,598,000	322,723,000
Property and equipment, net	81,113,000	82,039,000
Operating lease right-of-use assets	10,125,000
Goodwill	250,309,000	250,309,000
Other intangible assets, net	104,395,000	107,393,000
Medical plan assets, net	14,791,000	14,338,000
Other	1,427,000	1,394,000
Total assets	565,730,000	555,202,000
Current liabilities:
Current portion of lease liabilities	2,341,000
Current maturities of long-term debt	1,892,000	2,954,000
Accounts payable	14,132,000	16,750,000
Compensation and other accrued liabilities	15,422,000	17,711,000
Accrued interest	10,395,000	1,903,000
Unearned revenue	22,966,000	21,720,000
Total current liabilities	67,148,000	61,038,000
Long-term debt, net of current maturities	421,248,000	429,391,000
Operating lease liabilities	7,787,000
Pension obligations	46,311,000	47,037,000
Postretirement and postemployment benefit obligations	2,569,000	2,550,000
Deferred income taxes	21,614,000	29,806,000
Income taxes payable	17,299,000	8,742,000
Warrants and other	12,724,000	13,469,000
Total liabilities	596,700,000	592,033,000
Stockholders' equity (deficit):
Serial convertible preferred stock, no par value; authorized 500 shares; none issued
Additional paid-in capital	255,642,000	255,476,000
Accumulated deficit	(260,103,000)	(265,423,000)
Accumulated other comprehensive loss	(28,797,000)	(29,114,000)
Total stockholders' deficit	(32,677,000)	(38,484,000)
Non-controlling interests	1,707,000	1,653,000
Total deficit	(30,970,000)	(36,831,000)
Total liabilities and deficit	565,730,000	555,202,000
Common Class A [Member]
Stockholders' equity (deficit):
Common Stock	581,000	577,000
Common Class B [Member]
Stockholders' equity (deficit):
Common Stock

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Retained Earnings [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Sep. 30, 2018	$ (279,691)	$ 572	$ 253,511	$ (11,746)	$ (37,354)
Shares issued (redeemed)		5	(453)		(448)
Income attributable to Lee Enterprises, Incorporated	10,361				10,361
Stock compensation			385		385
Other comprehensive loss				(163)	(163)
Deferred income taxes, net				41	41
Balance at Dec. 30, 2018	(269,330)	577	253,443	(11,868)	(27,178)
Balance at Sep. 29, 2019	(265,423)	577	255,476	(29,114)	(38,484)
Shares issued (redeemed)		4	(379)		(375)
Income attributable to Lee Enterprises, Incorporated	5,320				5,320
Stock compensation			545		545
Other comprehensive loss				452	452
Deferred income taxes, net				(135)	(135)
Balance at Dec. 29, 2019	$ (260,103)	$ 581	$ 255,642	$ (28,797)	$ (32,677)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Note 12 - Commitments and Contingent Liabilities (Details Textual) - Plan Partially Withdrawn From in 2017 [Member] - Multiemployer Plans, Pension [Member]	12 Months Ended
	Sep. 29, 2019 USD ($)
Multiemployer Plans, Withdrawal Obligation	$ 3,255,000
Multiemployer Plans, Withdrawal Obligation, Period	20 years

Note 2 - Revenue

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

REVENUE

The following table presents our revenue disaggregated by source:

	13 Weeks Ended
	December 29,		December 30,
(Thousands of Dollars)	2019		2018

Advertising and marketing services revenue		65,727		75,962
Subscription Revenue		41,694		46,268
TownNews and other digital services revenue		5,218		4,677
Other revenue		9,704		9,294
Total operating revenue		122,343		136,201

Recognition principles:

Revenue is recognized when a performance obligation is satisfied by the transfer of control of the contracted goods or services to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services.

Arrangements with multiple performance obligations:

We have various advertising and subscription agreements which include both print and digital performance obligations. Revenue from sales agreements that contain multiple performance obligations are allocated to each obligation based on the relative standalone selling price. We determine standalone selling prices based on observable prices charged to customers.

Contract Assets and Liabilities:

The Company’s primary source of unearned revenue is from subscriptions paid in advance of the service provided. The Company expects to recognize the revenue related to unsatisfied performance obligations over the next

twelve

months in accordance with the terms of the subscriptions and other contracts with customers. The unearned revenue balances described herein are the Company's only contract liability. Unearned revenue was $

22,966,000

as of

December 29, 2019

and $

21,720,000

as of

September 29, 2019.

Revenue recognized in the

weeks ended

December 29, 2019

that was included in the contract liability as of

September 29, 2019

was

$13,399,000.

Contract asset balances relate to our Management Agreement revenue and were $

3,589,000

as of

December 29, 2019

and $

1,107,000

as of

September 29, 2019

and consisted solely of the variable portion of the contract.T

hese contract asset balances are included in accounts receivable and contract assets, net. There are

other contract assets recorded. Accounts receivable, excluding allowance for doubtful accounts and contract assets, was $

53,481,000

and $

47,863,000

as of

December 29, 2019

and

September 29, 2019,

respectively. Allowance for doubtful accounts was $

6,420,000

and $

6,434,000

as of

December 29, 2019

and

September 29, 2019,

respectively.

Practical expedients:

Sales commissions are expensed as incurred as the associated contractual periods are

one

year or less. These costs are recorded within compensation. The vast majority of our contracts have original expected lengths of

one

year or less and revenue is earned at a rate and amount that corresponds directly with the value to the customer.

Note 10 - Stock Ownership Plans - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 29, 2019 USD ($) $ / shares shares
Outstanding, Shares (in shares) \| shares	809
Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 1.82
Exercised, Shares (in shares) \| shares
Exercised, Weighted Average Exercise Price (in dollars per share) \| $ / shares
Cancelled, Shares (in shares) \| shares
Cancelled, Weighted Average Exercise Price (in dollars per share) \| $ / shares
Outstanding, Shares (in shares) \| shares	809
Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 1.82
Outstanding, Weighted Average Remaining Contractual Term (Year)	1 year 219 days
Outstanding, Aggregate Intrinsic Value \| $	$ 120
Exercisable, Shares (in shares) \| shares	809
Exercisable, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 1.82
Exercisable, Weighted Average Remaining Contractual Term (Year)	1 year 219 days
Exercisable, Aggregate Intrinsic Value \| $	$ 120

Note 9 - Earnings Per Common Share

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

9	EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share:

	13 Weeks Ended
	December 29,			December 30,
(Thousands of Dollars and Shares, Except Per Share Data)	2019			2018

Income attributable to Lee Enterprises, Incorporated:		5,320			10,361
Weighted average common shares		57,729			57,303
Less weighted average restricted Common Stock		(1,459	)		(2,099	)
Basic average common shares		56,270			55,204
Dilutive stock options and restricted Common Stock		783			1,497
Diluted average common shares		57,053			56,701
Earnings per common share:
Basic		0.09			0.19
Diluted		0.09			0.18

For the

weeks ended

December 29, 2019

and

December 30, 2018

6,384,000

and

6,448,000

, weighted average shares, respectively, were

not

considered in the computation of diluted earnings per common share because the exercise prices of the related stock options and Warrants were in excess of the fair market value of our Common Stock.

Note 6 - Leases (Tables)

3 Months Ended

Dec. 29, 2019

Notes Tables

Lease, Cost [Table Text Block]

	13 Weeks Ended
(Thousands of Dollars)	December 29, 2019
Operating lease costs		969
Variable lease costs		280
Short-term lease costs		53
Total Operating Lease Expense		1,302

(Thousands of Dollars)	December 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases		891

	13 Weeks Ended
	December 29, 2019
Weighted average remaining lease term (years)		7.19
Weighted Average discount rate		10.22	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]


	13 Weeks Ended
(Thousands of Dollars)		December 29, 2019
2020 (nine months remaining)		2,902
2021		3,183
2022		2,149
2023		1,809
2024		1,480
Thereafter		5,019
Total lease payments		16,542
Less: interest		(6,414	)
Present value of lease liabilities		10,128

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
Note 8 - Income Taxes (Details Textual) - USD ($)	Dec. 29, 2019	Dec. 30, 2018	Sep. 29, 2019
Income Tax Expense (Benefit), Total	$ 1,871,000	$ 4,513,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total	$ 7,588,000	$ 15,232,000
Effective Income Tax Rate Reconciliation, Percent, Total	24.60%	29.60%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total			$ 63,338,000

Note 5 - Debt (Tables)

3 Months Ended

Dec. 29, 2019

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

				Interest Rates (%)
		December 29,			September 29,			December 29,
(Thousands of Dollars)	2019			2019			2019

Revolving Facility		—			—			6.1
Notes		356,141			363,420			9.5
2nd Lien Term Loan		77,253			80,207			12.0
		433,394			443,627
Unamortized debt issue costs		(10,254	)		(11,282	)
Less current maturities of long-term debt		1,892			2,954
Total long-term debt		421,248			429,391

Debt Instrument Redemption [Table Text Block]

Period Beginning	Percentage of Principal Amount

March 15, 2019		102.38
March 15, 2020		100.00

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Note 10 - Stock Ownership Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands	3 Months Ended
	Dec. 29, 2019 $ / shares shares
Outstanding, shares (in shares) \| shares	1,477
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 2.49
Vested, shares (in shares) \| shares	(600)
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.94
Granted, shares (in shares) \| shares	720
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.62
Cancelled, shares (in shares) \| shares	(24)
Cancelled, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 2.49
Outstanding, shares (in shares) \| shares	1,573
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.56

Note 9 - Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
Income attributable to Lee Enterprises, Incorporated	$ 5,320	$ 10,361
Weighted average common shares (in shares)	57,729	57,303
Less weighted average restricted Common Stock (in shares)	(1,459)	(2,099)
Basic average common shares (in shares)	56,270	55,204
Dilutive stock options and restricted Common Stock (in shares)	783	1,497
Diluted average common shares (in shares)	57,053	56,701
Basic: (in dollars per share)	$ 0.09	$ 0.19
Diluted: (in dollars per share)	$ 0.09	$ 0.18

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Note 12 - Commitments and Contingent Liabilities

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

12	COMMITMENTS AND CONTINGENT LIABILITIES

Income Taxes

Commitments exclude unrecognized tax benefits to be recorded in accordance with FASB ASC Topic

740,

Income Taxes

. We are unable to reasonably estimate the ultimate amount or timing of cash settlements with the respective taxing authorities for such matters. See Note

We file income tax returns with the Internal Revenue Service ("IRS") and various state tax jurisdictions. From time to time, we are subject to routine audits by those agencies and those audits

may

result in proposed adjustments. We have considered the alternative interpretations that

may

be assumed by the various taxing agencies, believe our positions taken regarding our filings are valid, and that adequate tax liabilities have been recorded to resolve such matters. However, the actual outcome cannot be determined with certainty and the difference could be material, either positively or negatively, to the Consolidated Statements of Operations and Comprehensive Income (Loss) in the periods in which such matters are ultimately determined. We do

not

believe the final resolution of such matters will be material to our consolidated financial position or cash flows.

We have various income tax examinations ongoing and at various stages of completion, but generally our income tax returns have been audited or closed to audit through

2014.

Legal Proceedings

We are involved in a variety of legal actions that arise in the normal course of business. Insurance coverage mitigates potential loss for certain of these matters. While we are unable to predict the ultimate outcome of these legal actions, it is our opinion that the disposition of these matters will

not

have a material adverse effect on our Consolidated Financial Statements, taken as a whole.

Multiemployer Pension Plans

We effectuated a total withdrawal from CWA/ITU plan in

2019.

As a result, we are subject to a claim from the multiemployer pension plan for a withdrawal liability. The amount and timing of such liability will be dependent on actions taken, or

not

taken, by the Company and the pension plan, as well as the future investment performance and funding status of the plan. In

2019,

we accrued a liability of

$3,255,000

related to this withdrawal. The withdrawal liability determined to be due under this plan will be funded over a period of

years.

Note 10 - Stock Ownership Plans (Details Textual) - Restricted Stock [Member]	3 Months Ended
	Dec. 29, 2019 USD ($)
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 2,016,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years

Note 7 - Pension, Postretirement and Postemployment Defined Benefit Plans

3 Months Ended

Dec. 29, 2019

Pension Plan [Member]

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

7	PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS

We have several noncontributory defined benefit pension plans that together cover selected employees. Benefits under the plans were generally based on salary and years of service. Effective in

2012,

substantially all benefits are frozen and only a small amount of additional benefits are being accrued. Our liability and related expense for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations. Plan funding strategies are influenced by government regulations. Plan assets consist primarily of domestic and foreign corporate equity securities, government and corporate bonds, hedge fund investments and cash.

In addition, we provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. The level and adjustment of participant contributions vary depending on the specific plan. In addition, St. Louis Post-Dispatch LLC, provides postemployment disability benefits to certain employee groups prior to retirement. Our liability and related expense for benefits under the postretirement plans are recorded over the service period of active employees based upon annual actuarial calculations. We accrue postemployment disability benefits when it becomes probable that such benefits will be paid and when sufficient information exists to make reasonable estimates of the amounts to be paid.

We use a fiscal year end measurement date for all of our pension and postretirement medical plan obligations.

The net periodic postretirement cost (benefit) components for our postretirement plans are as follows:

PENSION PLANS	13 Weeks Ended
	December 29,			December 30,
(Thousands of Dollars)	2019			2018

Service cost for benefits earned during the period		8			9
Interest cost on projected benefit obligation		1,231			1,641
Expected return on plan assets		(1,951	)		(2,018	)
Amortization of net loss		792			284
Amortization of prior service benefit		(2	)		(25	)
Pension benefit		78			(109	)

POSTRETIREMENT MEDICAL PLANS	13 Weeks Ended
	December 29,			December 30,
(Thousands of Dollars)	2019			2018

Interest cost on projected benefit obligation		67			103
Expected return on plan assets		(265	)		(270	)
Amortization of net gain		(186	)		(244	)
Amortization of prior service benefit		(161	)		(181	)
Postretirement medical benefit		(545	)		(592	)

In the

weeks ended

December 29, 2019

we did

not

contribute to our pension plans. Based on our forecast at

December 29, 2019

, we expect to make contributions of $

6,718,000

to our pension trust during the remainder of fiscal

2020.

Note 3 - Investments in Associated Companies (Tables)

3 Months Ended

Dec. 29, 2019

Notes Tables

Equity Method Investments [Table Text Block]

	13 Weeks Ended
	December 29,		December 30,
(Thousands of Dollars)	2019		2018

Operating revenue		10,195		12,164
Operating expenses		8,165		9,095
Operating income		2,030		3,069
Company's 50% share of operating income		1,015		1,535
Less amortization of intangible assets		104		105
Equity in earnings of TNI		911		1,430

	13 Weeks Ended
	December 29,		December 30,
(Thousands of Dollars)	2019		2018

Operating revenue		13,925		14,826
Operating expenses, excluding restructuring costs, depreciation and amortization		12,120		12,663
Restructuring costs		—		30
Depreciation and amortization		145		280
Operating income		1,660		1,853
Net income		1,316		1,398
Equity in earnings of MNI		658		699

Note 8 - Income Taxes

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

8	INCOME TAXES

We recorded income tax expense of $

1,871,000

related to income before taxes of $

7,588,000

for the

weeks ended

December 29, 2019

. For the

weeks ended

December 30, 2018

, we recorded $

4,513,000

in income tax expenses related to income before taxes of $

15,232,000

The effective income tax rate for the

weeks ended

December 29, 2019

was

24.6%

. The effective income tax rate for the

weeks ended

December 30, 2018

was

29.6%

The primary differences between these rates and the U.S. federal statutory rate of

21%

are due to the effect of state taxes, non-deductible expenses, adjustments to reserves for uncertain tax positions, including any related interest, and mark-to-market adjustments to value the Warrants.

We file a consolidated federal tax return, as well as combined and separate tax returns in approximately

state and local jurisdictions. We do

not

currently have any federal tax examinations in progress. Our income tax returns have generally been audited or closed to audit through

2014.

See Note

for a discussion of our tax audits.

September 29, 2019,

we had approximately

$63,338,000

of state net operating loss benefits. The Company consumed its federal net operating losses in the year ended

September 30, 2018.

Note 6 - Leases (Details Textual) - USD ($)	Dec. 29, 2019	Sep. 30, 2019	Sep. 29, 2019
Operating Lease, Right-of-Use Asset	$ 10,125,000
Operating Lease, Liability, Current	2,341,000
Operating Lease, Liability, Noncurrent	$ 7,787,000
Operating Leases, Future Minimum Payments Due, Next Twelve Months			3,403,000
Operating Leases, Future Minimum Payments, Due in Two Years			2,290,000
Operating Leases, Future Minimum Payments, Due in Three Years			2,238,000
Operating Leases, Future Minimum Payments, Due in Four Years			1,637,000
Operating Leases, Future Minimum Payments, Due in Five Years			1,367,000
Operating Leases, Future Minimum Payments, Due Thereafter			$ 4,991,000
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		$ 10,709,000
Operating Lease, Liability, Current		2,281,000
Operating Lease, Liability, Noncurrent		$ 8,353,000

Note 4 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	Dec. 29, 2019	Sep. 29, 2019
Goodwill, gross amount	$ 1,539,038
Accumulated impairment losses	(1,288,729)
Goodwill, end of period	$ 250,309	$ 250,309

Note 6 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 29, 2019 USD ($)
2020 (nine months remaining)	$ 2,902
2021	3,183
2022	2,149
2023	1,809
2024	1,480
Thereafter	5,019
Total lease payments	16,542
Less: interest	(6,414)
Present value of lease liabilities	$ 10,128

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Dec. 29, 2019	Jan. 31, 2020
Document Information [Line Items]
Entity Registrant Name	LEE ENTERPRISES, INC
Entity Central Index Key	0000058361
Trading Symbol	lee
Current Fiscal Year End Date	--09-27
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		58,136,424
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Dec. 29, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $.01 per share
Entity Interactive Data Current	Yes

Note 3 - Investments in Associated Companies (Details Textual) - USD ($)	3 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
TNI Partners [Member]
Proceeds from Equity Method Investment, Distribution	$ 738,000	$ 549,000
MNI [Member]
Proceeds from Equity Method Investment, Distribution	$ 0	$ 750,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%

Note 2 - Revenue (Tables)

3 Months Ended

Dec. 29, 2019

Notes Tables

Disaggregation of Revenue [Table Text Block]

	13 Weeks Ended
	December 29,		December 30,
(Thousands of Dollars)	2019		2018

Advertising and marketing services revenue		65,727		75,962
Subscription Revenue		41,694		46,268
TownNews and other digital services revenue		5,218		4,677
Other revenue		9,704		9,294
Total operating revenue		122,343		136,201

Consolidated Balance Sheets (Current Period Unaudited (Parentheticals) - $ / shares shares in Thousands	Dec. 29, 2019	Sep. 29, 2019
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authoritzed (in shares)	500	500
Preferred stock, shares issued (in shares)	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	120,000	120,000
Common stock, shares issued (in shares)	58,136	57,646
Common stock, shares outstanding (in shares)	58,136	57,646
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 2	$ 2
Common stock, shares authorized (in shares)	30,000	30,000
Common stock, shares issued (in shares)	0	0

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

1	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited, interim, Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for quarterly reports. In the opinion of management, these financial statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Lee Enterprises, Incorporated and subsidiaries (the “Company”) as of

December 29, 2019

and our results of operations and cash flows for the periods presented. The Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's

2019

Annual Report on Form

-K.

Because of seasonal and other factors, the results of operations for the

weeks ended

December 29, 2019

are

not

necessarily indicative of the results to be expected for the full year.

References to “we”, “our”, “us” and the like throughout the Consolidated Financial Statements refer to the Company. References to

“2020”,

“2019”

and the like refer to the fiscal years ended the last Sunday in

September.

The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our

82.5%

interest in INN Partners, L.C. ("TownNews.com"),

50%

interest in TNI Partners (“TNI”) and

50%

interest in Madison Newspapers, Inc. (“MNI”).

Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of intangible assets.

Subsequent Events

Purchase Agreement with Berkshire Hathaway

January 29, 2020,

the Company entered into an Asset and Stock Purchase Agreement (“Purchase Agreement”) with Berkshire Hathaway Inc., a Delaware corporation (“Berkshire”) and BH Media Group, Inc., a Delaware corporation (“BHMG”). Subject to the terms and conditions of the Purchase Agreement, The Company has agreed to purchase certain assets and assume certain liabilities of BHMG’s newspapers and related community publications business (“BH Media Newspaper Business”), excluding real estate and fixtures such as production equipment, for a purchase price of

$130,000,000,

and all of the issued and outstanding capital stock of The Buffalo News, Inc., a Delaware corporation (“Buffalo News”) for a purchase price of

$10,000,000

(collectively, the “Transactions”).

The Company expects that the

$140,000,000

purchase price will be financed with new debt. As further discussed below, the Company has entered into an agreement for the financing of the Transactions.

Since

July 2, 2018,

The Company has managed the BH Media Newspaper Business pursuant to a Management Agreement between BHMG and the Company dated

June 26, 2018 (

“Management Agreement”). BHMG includes

daily newspapers and digital operations, in addition to

paid weekly newspapers with websites and

other print products. Buffalo News is a provider of local print and digital news to the Buffalo, NY area.

Consummation of the Transactions is subject to certain closing conditions, including the closing of the refinancing of the Company’s existing credit facilities under the Credit Agreement, as described below (“Debt Financing”), the execution and delivery of specified ancillary agreements, including a

-year term lease between BHMG and the Company as described below (the “Lease”) and review by the U.S. Department of Justice. The Transactions are expected to close

March 16, 2020,

although there can be

assurance that the closing of the Transactions will occur by such date. Either party

may

terminate the Purchase Agreement if the Transactions are

not

consummated on or before

April 30, 2020.

Management Agreement with BH Media Group

In connection with the Transactions, the Management Agreement will terminate at the closing of the Transactions. Amounts due under the Management Agreement will be credited to the purchase price of the Transactions. We expect the credits to total approximately

$5,425,000,

including an estimated

$4,180,000

reflective of the pro-rated variable portion of the Management Agreement based on the year-to-date performance of BHMG.

Debt Financing

In connection with the Purchase Agreement, the Company entered into a Credit Agreement dated as of

January 29, 2020,

with BH Finance, LLC, a Nebraska limited liability company (“BH Finance”), as lender (“Credit Agreement”) pursuant to which BH Finance will provide a secured

-year term loan in an aggregate principal amount of approximately

$576,000,000,

subject to the satisfaction of certain customary closing conditions, including the simultaneous closing of the Transactions and the Debt Financing. The Debt Financing under the Credit Agreement will bear interest at a per annum rate equal to

9.00%,

payable monthly. Principal reductions will be required periodically in the amount equal to the Company’s excess cash flow (as defined in the Credit Agreement) for each fiscal quarter beginning with the period ended

June 28, 2020,

and from the proceeds of the sale of assets as they

may

be received from time to time. Substantially all of the proceeds of the Debt Financing will be used to finance the Transactions; refinance the Company’s existing indebtedness, including payment in full of its outstanding Senior Secured Notes,

second

lien loans and revolving loan indebtedness; and provide working capital to the Company in lieu of a revolving credit facility.

The Credit Agreement also contains certain customary representations and warranties, certain affirmative and negative covenants and certain conditions, including restrictions on incurring additional indebtedness, creating certain liens, making certain investments or acquisitions, issuing dividends, repurchasing shares of stock of the Company and certain other capital transactions. Certain existing and future direct and indirect material domestic subsidiaries of the Company are guarantors of the Company’s obligations under the Credit Agreement.

Lease Agreement

In connection with the Purchase Agreement, the Company will enter into a

-year term lease with BHMG, as landlord, of the real estate and fixtures used in the BH Media Newspaper Business. The Lease will commence upon closing of the Transactions, and requires the Company to pay annual rents of

$8,000,000,

payable in equal monthly installments, as well as all operating costs of the properties, including real estate taxes, insurance, maintenance and repairs. Rent payments will be subject to a credit for any leased real estate sold by BH Media during the term of the Lease equal to

8.00%

of the net sales proceeds from such transactions.

Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate these estimates and judgments on an ongoing basis.

We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are

not

readily apparent from other sources. Actual results

may

differ from these estimates under different assumptions or conditions.

Recently Issued Accounting Standards - Standards Adopted in

2020

February 2016,

the FASB issued a new standard for the accounting treatment of leases, known as Accounting Standards

842

("AS

842"

). The new standard is based on the principle that entities should recognize assets and liabilities arising from leases. The new standard's primary change is the requirement for entities to recognize a lease liability for payments and a right of use asset representing the right to use the leased asset during the term on most operating lease arrangements. We adopted the standard effective

September 30, 2019,

the

first

day of fiscal year

2020.

We elected the package of practical expedients which permits the Company to

not

reassess under the new standard the prior conclusions about lease identification, lease classification, or initial direct costs. In addition, we did reassess whether existing land easements which were previously

not

accounted for as leases are or contain leases under the new guidance. We have elected to combine non-lease and lease components when accounting for leases. The Company has made a policy election to exclude short-term leases, those with an original term of less than

twelve

months, from recognition and measurement under AS

842.

As such, we have

not

recognized a right-of-use (“ROU”) asset or lease liability for these leases. Additional information and disclosures required by this new standard are contained in Note

Recently Issued Accounting Standards - Standards

Not

Yet Adopted

June 2016,

the FASB issued a new standard to replace the incurred loss impairment methodology under then current GAAP with a methodology that reflects expected credit losses and requires consideration of a wider array of reasonable and supportable information to inform and develop credit loss estimates. We will be required to use a forward-looking expected credit loss model for both accounts receivables and other financial instruments. The new standard will be adopted beginning

September 30, 2020

using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align our credit loss methodology with the new standard. We are currently evaluating the impact of this standard on our consolidated financial statements.

Note 5 - Debt - Redemption (Details) - Senior Secured Notes [Member]	3 Months Ended
	Dec. 29, 2019
Debt Instrument, Redemption, Period One [Member]
Period Beginning	102.38%
Debt Instrument, Redemption, Period Two [Member]
Period Beginning	100.00%

Note 7 - Pension, Postretirement and Postemployment Defined Benefit Plans (Tables)

3 Months Ended

Dec. 29, 2019

Pension Plan [Member]

Notes Tables

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

PENSION PLANS	13 Weeks Ended
	December 29,			December 30,
(Thousands of Dollars)	2019			2018

Service cost for benefits earned during the period		8			9
Interest cost on projected benefit obligation		1,231			1,641
Expected return on plan assets		(1,951	)		(2,018	)
Amortization of net loss		792			284
Amortization of prior service benefit		(2	)		(25	)
Pension benefit		78			(109	)

POSTRETIREMENT MEDICAL PLANS	13 Weeks Ended
	December 29,			December 30,
(Thousands of Dollars)	2019			2018

Interest cost on projected benefit obligation		67			103
Expected return on plan assets		(265	)		(270	)
Amortization of net gain		(186	)		(244	)
Amortization of prior service benefit		(161	)		(181	)
Postretirement medical benefit		(545	)		(592	)

Note 4 - Goodwill and Other Intangible Assets (Details Textual)	Dec. 29, 2019 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months	$ 16,128,000
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two	14,225,000
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Three	12,683,000
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Four	12,033,000
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Five	$ 9,599,000

Note 11 - Fair Value Measurements

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Fair Value Disclosures [Text Block]

11	FAIR VALUE MEASUREMENTS

We utilize FASB ASC Topic

820,

Fair Value Measurements and Disclosures

, to measure and report fair value. FASB ASC Topic

820

defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FASB ASC Topic

820

establishes a

three

-level hierarchy of fair value measurements based on whether the inputs to those measurements are observable or unobservable, which consists of the following levels:

Level

- Quoted prices for identical instruments in active markets.

Level

- Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are

not

active; and model-derived valuations in which all significant inputs are observable in active markets.

Level

- Valuations derived from valuation techniques in which

one

or more significant inputs are unobservable.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate value.

The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of those instruments. Investments totaling $

6,068,000

, including our

17%

ownership of the non-voting common stock of TCT and a private equity investment, are carried at cost. As of

December 29, 2019

, based on the most recent data available, the approximate fair value of the private equity investment is $

10,268,000

which is a level

fair value measurement. Fair value of the remaining investments approximates book value.

Our fixed rate debt consists of $

356,141,000

principal amount of the Notes and $

77,253,000

principal amount under the

Lien Term Loan. At

December 29, 2019

, based on private market price quotations, the fair values were $

344,789,000

and $

76,481,000

for the Notes and

Lien Term Loan, respectively. These represent level

fair value measurements.

As discussed more fully in Note

we recorded a liability for the Warrants issued in connection with the Warrant Agreement. The liability was initially measured at its fair value and we remeasure the liability to fair value each reporting period, with changes reported in other non-operating income (expense). The initial fair value of the Warrants was

$16,930,000.

The fair value of Warrants at

December 29, 2019

and

September 29, 2019

are

178,000

and

1,195,000

, respectively. Fair value is determined using the Black-Scholes option pricing model. These represent level

fair value measurements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 9 - Earnings Per Common Share (Tables)

3 Months Ended

Dec. 29, 2019

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	13 Weeks Ended
	December 29,			December 30,
(Thousands of Dollars and Shares, Except Per Share Data)	2019			2018

Income attributable to Lee Enterprises, Incorporated:		5,320			10,361
Weighted average common shares		57,729			57,303
Less weighted average restricted Common Stock		(1,459	)		(2,099	)
Basic average common shares		56,270			55,204
Dilutive stock options and restricted Common Stock		783			1,497
Diluted average common shares		57,053			56,701
Earnings per common share:
Basic		0.09			0.19
Diluted		0.09			0.18

Note 10 - Stock Ownership Plans

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

10	STOCK OWNERSHIP PLANS

A summary of stock option activity during the

weeks ended

December 29, 2019

follows:

(Thousands of Dollars and Shares, Except Per Share Data)	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value

Outstanding, September 29, 2019		809		1.82
Exercised		—		—
Cancelled		—		—
Outstanding, December 29, 2019		809		1.82		1.6		120
Exercisable, December 29, 2019		809		1.82		1.6		120

Restricted Common Stock

The table below summarizes restricted Common Stock activity during the

weeks ended

December 29, 2019

(Thousands of Shares, Except Per Share Data)	Shares			Weighted Average Grant Date Fair Value

Outstanding, September 29, 2019		1,477			2.49
Vested		(600	)		1.94
Granted		720			1.62
Cancelled		(24	)		2.49
Outstanding, December 29, 2019		1,573			1.56

Total unrecognized compensation expense for unvested restricted Common Stock at

December 29, 2019

is $

2,016,000

, which will be recognized over a weighted average period of

2.0

years.

Note 4 - Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Dec. 29, 2019

Notes Tables

Schedule of Goodwill [Table Text Block]

		13 Weeks Ended
		December 29,
(Thousands of Dollars)	2019

Goodwill, gross amount		1,539,038
Accumulated impairment losses		(1,288,729	)
Goodwill, end of period		250,309

Schedule of Intangible Assets [Table Text Block]

		December 29,		September 29,
(Thousands of Dollars)	2019		2019

Nonamortized intangible assets:
Mastheads		21,883		21,883
Amortizable intangible assets:
Customer and newspaper subscriber lists		698,267		697,145
Less accumulated amortization		615,906		611,786
		82,361		85,359
Non-compete and consulting agreements		28,675		28,675
Less accumulated amortization		28,524		28,524
		151		151
Other intangible assets, net		104,395		107,393

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
Operating revenue:
Operating revenue	$ 122,343,000	$ 136,201,000
Operating expenses:
Compensation	43,243,000	47,038,000
Newsprint and ink	4,736,000	6,339,000
Other operating expenses	48,462,000	49,743,000
Depreciation and amortization	6,719,000	7,529,000
Assets loss (gain) on sales, impairments and other, net	814,000	(100,000)
Restructuring costs and other	1,632,000	62,000
Total operating expenses	105,606,000	110,611,000
Equity in earnings of associated companies	1,569,000	2,129,000
Operating income	18,306,000	27,719,000
Non-operating income (expense):
Interest expense	(11,115,000)	(12,256,000)
Debt financing and administrative costs	(1,196,000)	(896,000)
Other, net	1,593,000	665,000
Total non-operating expense, net	(10,718,000)	(12,487,000)
Income before income taxes	7,588,000	15,232,000
Income tax expense	1,871,000	4,513,000
Net income	5,717,000	10,719,000
Net income attributable to non-controlling interests	(397,000)	(358,000)
Income attributable to Lee Enterprises, Incorporated	5,320,000	10,361,000
Other comprehensive income (loss), net of income taxes	317,000	(122,000)
Comprehensive income attributable to Lee Enterprises, Incorporated	$ 5,637,000	$ 10,239,000
Earnings per common share:
Basic: (in dollars per share)	$ 0.09	$ 0.19
Diluted: (in dollars per share)	$ 0.09	$ 0.18
Advertising and Marketing Services [Member]
Operating revenue:
Operating revenue	$ 65,727,000	$ 75,962,000
Subscription and Circulation [Member]
Operating revenue:
Operating revenue	41,694,000	46,268,000
Product and Service, Other [Member]
Operating revenue:
Operating revenue	$ 14,922,000	$ 13,971,000

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Dec. 29, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited, interim, Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for quarterly reports. In the opinion of management, these financial statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Lee Enterprises, Incorporated and subsidiaries (the “Company”) as of December 29, 2019 and our results of operations and cash flows for the periods presented. The Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2019 Annual Report on Form 10 -K. Because of seasonal and other factors, the results of operations for the 13 weeks ended December 29, 2019 are not necessarily indicative of the results to be expected for the full year. References to “we”, “our”, “us” and the like throughout the Consolidated Financial Statements refer to the Company. References to “2020”, “2019” and the like refer to the fiscal years ended the last Sunday in September. The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 82.5% interest in INN Partners, L.C. ("TownNews.com"), 50% interest in TNI Partners (“TNI”) and 50% interest in Madison Newspapers, Inc. (“MNI”). Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of intangible assets.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate these estimates and judgments on an ongoing basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards - Standards Adopted in 2020 In February 2016, the FASB issued a new standard for the accounting treatment of leases, known as Accounting Standards 842 ("AS 842" ). The new standard is based on the principle that entities should recognize assets and liabilities arising from leases. The new standard's primary change is the requirement for entities to recognize a lease liability for payments and a right of use asset representing the right to use the leased asset during the term on most operating lease arrangements. We adopted the standard effective September 30, 2019, the first day of fiscal year 2020. We elected the package of practical expedients which permits the Company to not reassess under the new standard the prior conclusions about lease identification, lease classification, or initial direct costs. In addition, we did reassess whether existing land easements which were previously not accounted for as leases are or contain leases under the new guidance. We have elected to combine non-lease and lease components when accounting for leases. The Company has made a policy election to exclude short-term leases, those with an original term of less than twelve months, from recognition and measurement under AS 842. As such, we have not recognized a right-of-use (“ROU”) asset or lease liability for these leases. Additional information and disclosures required by this new standard are contained in Note 6. Recently Issued Accounting Standards - Standards Not Yet Adopted In June 2016, the FASB issued a new standard to replace the incurred loss impairment methodology under then current GAAP with a methodology that reflects expected credit losses and requires consideration of a wider array of reasonable and supportable information to inform and develop credit loss estimates. We will be required to use a forward-looking expected credit loss model for both accounts receivables and other financial instruments. The new standard will be adopted beginning September 30, 2020 using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align our credit loss methodology with the new standard. We are currently evaluating the impact of this standard on our consolidated financial statements.

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)		3 Months Ended
	Jan. 29, 2020	Dec. 29, 2019	Dec. 30, 2018
Payments to Acquire Businesses, Gross		$ 1,121,000
Subsequent Event [Member] \| Secured Term Loan [Member] \| Credit Agreement [Member] \| BH Finance [Member]
Debt Instrument, Term	25 years
Debt Instrument, Face Amount	$ 576,000,000
Debt Instrument, Interest Rate, Stated Percentage	9.00%
Subsequent Event [Member] \| BHMG [Member]
Lessee, Operating Lease, Term of Contract	10 years
Operating Lease, Annual Rent Payable	$ 8,000,000
Operating Lease, Percentage of Net Sales Proceeds	8.00%
Subsequent Event [Member] \| BHMG [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total	$ 130,000,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	10,000,000
Payments to Acquire Businesses, Gross	140,000,000
Business Combination, Terminate of Contract, Expect Credts	5,425,000
Business Combination, Terminate of Contract, Expect Credt, Estimated Pro-rate Variable Portion	$ 4,180,000
INN Partners, L.C. [Member]
Noncontrolling Interest, Ownership Percentage by Parent		82.50%
TNI Partners [Member]
Noncontrolling Interest, Ownership Percentage by Parent		50.00%
MNI [Member]
Noncontrolling Interest, Ownership Percentage by Parent		50.00%

Note 3 - Investments in Associated Companies

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

3	INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising, and subscription activities of the

Arizona Daily Star

as well as the related digital platforms and specialty publications. TNI collects all receipts and income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspaper and other media.

Income or loss of TNI (before income taxes) is allocated equally to Star Publishing and Citizen.

Summarized results of TNI are as follows:

	13 Weeks Ended
	December 29,		December 30,
(Thousands of Dollars)	2019		2018

Operating revenue		10,195		12,164
Operating expenses		8,165		9,095
Operating income		2,030		3,069
Company's 50% share of operating income		1,015		1,535
Less amortization of intangible assets		104		105
Equity in earnings of TNI		911		1,430

TNI makes weekly distributions of its earnings and for the

weeks ended

December 29, 2019

and

December 30, 2018

, we received $

738,000

and $

549,000

in distributions, respectively.

Madison Newspapers, Inc.

We have a

50%

ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and operates their related digital platforms. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers.

Summarized results of MNI are as follows:

	13 Weeks Ended
	December 29,		December 30,
(Thousands of Dollars)	2019		2018

Operating revenue		13,925		14,826
Operating expenses, excluding restructuring costs, depreciation and amortization		12,120		12,663
Restructuring costs		—		30
Depreciation and amortization		145		280
Operating income		1,660		1,853
Net income		1,316		1,398
Equity in earnings of MNI		658		699

MNI makes quarterly distributions of its earnings and in the

weeks ended

December 29, 2019

and

December 30, 2018

, we received dividends of $

and $

750,000

, respectively.

Note 5 - Debt

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

DEBT

March

31,

2014,

we completed a comprehensive refinancing of our debt (the

"2014

Refinancing"), which included the following:

•

$400,000,000

aggregate principal amount of

9.5%

Senior Secured Notes (the “Notes”), pursuant to an Indenture dated as of

March

31,

2014

(the “Indenture”).

•

$250,000,000

first

lien term loan (the

Lien Term Loan") and

$40,000,000

revolving facility (the "Revolving Facility") under a First Lien Credit Agreement dated as of

March

31,

2014

(together the

“1

Lien Credit Facility”).

•

$150,000,000

second

lien term loan under a Second Lien Loan Agreement dated as of

March

31,

2014

(the

“2

Lien Term Loan”).

November 2018,

we repaid, in full, the remaining balance of the

Lien Term Loan.

November 2019,

we amended our

Lien Credit Facility to amend and extend our

$23,120,000

Revolving Facility (the "Amendment") through

December 28, 2020.

Our Revolving Facility was undrawn at the time of the amendment.

Debt is summarized as follows:

				Interest Rates (%)
		December 29,			September 29,			December 29,
(Thousands of Dollars)	2019			2019			2019

Revolving Facility		—			—			6.1
Notes		356,141			363,420			9.5
2nd Lien Term Loan		77,253			80,207			12.0
		433,394			443,627
Unamortized debt issue costs		(10,254	)		(11,282	)
Less current maturities of long-term debt		1,892			2,954
Total long-term debt		421,248			429,391

Our weighted average cost of debt, excluding amortization of debt financing costs at

December 29, 2019

, is

9.9

December 29, 2019

, aggregate minimum required maturities of debt excluding amounts required to be paid from future excess cash flow computations tota

l $

1,892,000

or the remainder of

2020,

2021,

356,141,000

2022

and

75,361,000

2023.

January

29,

2020,

we entered into a definitive agreement with BHMG and Berkshire Hathaway to acquire BHMG's publications and the Buffalo News for

$140,000,000

in cash. BH Finance LLC, an affiliate of Berkshire Hathaway, is providing approximately

$576,000,000

in long-term financing to Lee at a

annual rate, (the "Debt Refinancing"). The proceeds from the Debt Refinancing will be used to pay for the acquisition, refinance Lee's

$433,394,000

in existing debt, and provide enough cash on Lee's balance sheet to allow for the termination of Lee's revolving credit facility. Subsequent to this deal closing, BH Finance will be Lee's sole lender. We expect the refinancing to close on or after

March 16, 2020.

Additional information and disclosures are included in Note

Notes

The Notes are senior secured obligations of the Company and mature on

March

15,

2022.

December 29, 2019

, the principal balance of the Notes totaled $

356,141,000

Interest

The Notes require payment of interest semiannually on

March

and

September

of each year, at a fixed annual rate of

9.5%.

Redemption

may

redeem some, or all, of the principal amount of the Notes at any time as follows:

Period Beginning	Percentage of Principal Amount

March 15, 2019		102.38
March 15, 2020		100.00

If we sell certain of our assets or experience specific kinds of changes of control, we must, subject to certain exceptions, offer to purchase the Notes at

101%

of the principal amount. Any redemption of the Notes must also satisfy any accrued and unpaid interest thereon.

may

repurchase Notes in the open market at any time. In the

weeks ended

December 29, 2019

we purchased $

7,279,000

principal amount of Notes in privately negotiated transactions. The transactions resulted in a gain on extinguishment of debt totaling $

25,000

in the

weeks ended

December 29, 2019

which is recorded in Other, net in the Consolidated Statements of Income and Comprehensive Income.

Covenants and Other Matters

The Indenture and the

Lien Credit Facility contain restrictive covenants as discussed more fully below. However, certain of these covenants will cease to apply if the Notes are rated investment grade by either Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Group and there is

default or event of default under the Indenture.

Lien Credit Facility

The

Lien Credit Facility documents the primary terms of the

Lien Term Loan and the Revolving Facility. The

$23,120,000

Revolving Facility matures on

December 28, 2020

and

may

be used for working capital and general corporate purposes (including letters of credit). At

September 29, 2019,

after consideration of letters of credit, we have approximately

$17,644,000

available for future use under the Revolving Facility.

Interest

Interest on the Revolving Facility, which is undrawn at

December 29, 2019

, accrues, at our option, at either (A) LIBOR plus

5.5%,

or (B)

4.5%

plus the higher of (i) the prime rate at the time, (ii) the federal funds rate plus

0.5%,

or (iii)

one

month LIBOR plus

1.0%.

Covenants and Other Matters

The

Lien Credit Facility requires that we comply with certain affirmative and negative covenants customary for financing of this nature, including a maximum total leverage ratio.

The

Lien Credit Facility restricts us from paying dividends on our Common Stock. This restriction

longer applies if Lee Legacy Leverage is below

3.25x

before and after such payments. Lee Legacy Leverage as define

d is

4.37

December 29, 2019

. Further, the

Lien Credit Facility restricts or limits, among other things, subject to certain exceptions, the ability of the Company and its subsidiaries to: (i) incur indebtedness, (ii) enter into mergers, acquisitions and asset sales, (iii) incur or create liens and (iv) enter into transactions with certain affiliates. The

Lien Credit Facility contains various representations and warranties and

may

be terminated upon occurrence of certain events of default. The

Lien Credit Facility also contains cross-default provisions tied to the terms of each of the Indenture and

Lien Term Loan.

Lien Term Loan

The

Lien Term Loan, which has a balance of $

77,253,000

December 29, 2019

, bears interest at a fixed annual rate of

12.0%,

payable quarterly, and matures in

December

2022.

Principal Payments

Excluding excess cash flow payments, there are

scheduled mandatory amortization payments required under the

Lien Term Loan.

Quarterly, we are required to prepare a calculation of excess cash flow of the Pulitzer Subsidiaries ("Pulitzer Excess Cash Flow"). Pulitzer Excess Cash Flow is generally determined as the cash earnings of the Pulitzer Subsidiaries including adjustments for changes in working capital, capital spending, pension contributions, debt principal payments and income tax payments. Pulitzer Excess Cash Flow also includes a deduction for interest costs incurred under the

Lien Term Loan.

Pulitzer Excess Cash Flow is used to prepay the

2nd

Lien Term Loan, at par, and is required to be paid

days after the end of the quarter.

Payments will also be made on the

Lien Term Loan, at par, with proceeds from asset sales by the Pulitzer Subsidiaries that are

not

reinvested subject to certain other conditions.

During the

weeks ended

December 29, 2019

, payments on the

Lien Term Loan totaled $

2,954,000

. For the

weeks ended

December 29, 2019

, Pulitzer Excess Cash Flow totaled

1,892,000

which will be used to make a payment on the

Lien Term Loan in

February

2020,

at par.

Voluntary payments under the

Lien Term Loan are

longer subject to call premiums and are payable at par. The Indenture includes certain restrictions on voluntary payments on the

Lien Term Loan.

Covenants and Other Matters

The

Lien Term Loan requires that we comply with certain affirmative and negative covenants customary for financing of this nature, including the negative covenants under the

Lien Credit Facility discussed above. The

Lien Term Loan contains various representations and warranties and

may

be terminated upon occurrence of certain events of default. The

Lien Term Loan also contains cross-default provisions tied to the terms of the Indenture and

Lien Credit Facility.

In connection with the

Lien Term Loan, we entered into a Warrant Agreement dated as of

March 31, 2014 (

the “Warrant Agreement”). Under the Warrant Agreement, certain affiliates or designees of the

Lien Lenders received on

March 31, 2014

their pro rata share of warrants to purchase, in cash, an initial aggregate of

6,000,000

shares of Common Stock, subject to adjustment pursuant to anti-dilution provisions (the “Warrants”). The Warrants represent, when fully exercised, approximately

10.4%

of shares of Common Stock outstanding at

March 30, 2014

on a fully diluted basis. The exercise price of the Warrants is $

4.19

per share.

The Warrant Agreement contains provisions requiring the Warrants to be measured at fair value and included in warrants and other liabilities in our Consolidated Balance Sheets. We re-measure the fair value of the liability each reporting period, with changes reported in other, net non-operating income (expense). The initial fair value of the Warrants was $

16,930,000

. See Note

11.

In connection with the issuance of the Warrants, we entered into a Registration Rights Agreement dated as of

March

31,

2014

(the “Registration Rights Agreement”). The Registration Rights Agreement requires, among other matters, that we use our commercially reasonable efforts to maintain the effectiveness for certain specified periods of a shelf registration statement related to the shares of Common Stock to be issued upon exercise of the Warrants.

Security

The Notes and the

Lien Credit Facility are fully and unconditionally guaranteed on a joint and several

first

-priority basis by each of the Company's material domestic subsidiaries, excluding MNI, the Pulitzer Subsidiaries and TNI (the "Lee Legacy Assignors"), pursuant to a

first

lien guarantee and collateral agreement dated as of

March 31, 2014 (

the

Lien Guarantee and Collateral Agreement").

The Notes, the

Lien Credit Facility and the subsidiary guarantees are secured, subject to certain exceptions, priorities and limitations, by perfected security interests in all property and assets, including certain real estate, of the Lee Legacy Assignors, other than the capital stock of MNI and any property and assets of MNI (the “Lee Legacy Collateral”), on a

first

-priority basis, equally and ratably with all of the Lee Legacy Assignors' existing and future obligations. The Lee Legacy Collateral includes, among other things, equipment, inventory, accounts receivables, depository accounts, intellectual property and certain of their other tangible and intangible assets.

Also, the Notes and the

Lien Credit Facility are secured, subject to certain exceptions, priorities and limitations in the various agreements, by

first

-priority security interests in the capital stock of, and other equity interests owned by, the Lee Legacy Assignors (excluding the capital stock of MNI). The Notes and

Lien Credit Facility are subject to a Pari Passu Intercreditor Agreement dated

March 31, 2014.

The Notes, the

Lien Credit Facility and the subsidiary guarantees are also secured, subject to permitted liens, by a

second

-priority security interest in the property and assets of the Pulitzer Subsidiaries that become subsidiary guarantors (the "Pulitzer Assignors") other than assets of or used in the operations or business of TNI (collectively, the “Pulitzer Collateral”). In

June 2015

the Pulitzer Assignors became a party to the

Lien Guarantee and Collateral Agreement on a

second

lien basis.

Also, the Notes and the

Lien Credit Facility are secured, subject to certain exceptions, priorities, and limitations in the various agreements, by

second

-priority security interests in the capital stock of, and other equity interests in, the Pulitzer Assignors and Star Publishing’s interest in TNI.

The

Lien Term Loan is fully and unconditionally guaranteed on a joint and several

first

-priority basis by the Pulitzer Assignors, pursuant to a Second Lien Guarantee and Collateral Agreement dated as of

March

31,

2014

(the

“2

Lien Guarantee and Collateral Agreement”) among the Pulitzer Assignors and the

Lien collateral agent.

Under the

Lien Guarantee and Collateral Agreement, the Pulitzer Assignors have granted (i)

first

-priority security interests, subject to certain priorities and limitations in the various agreements, in the Pulitzer Collateral and (ii) have granted

first

-priority lien mortgages or deeds of trust covering certain real estate, as collateral for the payment and performance of their obligations under the

Lien Term Loan.

Also, under the

Lien Guarantee and Collateral Agreement, the Lee Legacy Assignors have granted (i)

second

-priority security interests, subject to certain priorities and limitations in the various agreements, in the Lee Legacy Collateral, and (ii) have granted

second

-priority lien mortgages or deeds of trust covering certain real estate, as collateral for the payment and performance of their obligations under the

Lien Term Loan. Assets of, or used in the operations or business of, MNI are excluded.

The rights of each of the collateral agents with respect to the Lee Legacy Collateral and the Pulitzer Collateral are subject to customary intercreditor and intercompany agreements.

Other

In connection with the

2014

Refinancing, we capitalized

$37,819,000

of debt financing costs. Amortization of debt financing costs totaled $

1,028,000

in the

weeks ended

December 29, 2019

. Amortization of such costs is estimated to total $

3,070,000

for the remainder of

2020,

4,254,000

2021,

2,690,000

2022

and $

240,000

2023.

December 29, 2019

, we have $

10,254,000

of unamortized debt financing costs recorded as a reduction of Long-term debt in our Consolidated Balance Sheets.

Liquidity

December 29, 2019

, after consideration of letters of credit, we have approximately $

17,644,000

available for future use under our Revolving Facility. Including cash, our liquidity at

December 29, 2019

totals

22,112,000

. This liquidity amount excludes any future cash flows. We expect all interest and principal payments due in the next

twelve

months will be satisfied by existing cash and our cash flows, which will allow us to maintain an adequate level of liquidity. The Warrants, if and when exercised, would provide additional liquidity in an amount up to $

25,140,000

subject to a reduction for any amounts the Company

may

elect to use to repay our

Lien Term Loan and/or the Notes.

Pursuant to the terms of the financing agreement with Berkshire, our new debt will

not

include a revolver. Our current Revolving Facility will be terminated upon close of the Debt Refinancing. The Debt Refinancing covenants provide for increased cash on hand which will satisfy our liquidity needs in lieu of a revolver.

There are numerous potential consequences under the Notes,

Lien Credit Facility and

Lien Term Loan, if an event of default, as defined, occurs and is

not

remedied. Many of those consequences are beyond our control. The occurrence of

one

or more events of default would give rise to the right of the applicable lender(s) to exercise their remedies under the Notes,

Lien Credit Facility and

Lien Term Loan, respectively, including, without limitation, the right to accelerate all outstanding debt and take actions authorized in such circumstances under applicable collateral security documents.

Our ability to operate as a going concern is dependent on our ability to remain in compliance with debt covenants and to repay, refinance or amend our debt agreements as they become due. The Notes,

Lien Credit Facility and

Lien Term Loan have only limited affirmative covenants with which we are required to maintain compliance. We are in compliance with our debt covenants at

December 29, 2019

Note 9 - Earnings Per Common Share (Details Textual) - shares	3 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,384,000	6,448,000

Note 2 - Revenue (Details Textual) - USD ($)	3 Months Ended
Note 2 - Revenue (Details Textual) - USD ($)	Dec. 29, 2019	Sep. 29, 2019
Contract with Customer, Liability, Current	$ 22,966,000	$ 21,720,000
Contract with Customer, Liability, Revenue Recognized	13,399,000
Contract with Customer, Asset, Net, Current, Total	3,589,000	1,107,000
Accounts Receivable, before Allowance for Credit Loss	53,481,000	47,863,000
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 6,420,000	$ 6,434,000

Note 10 - Stock Ownership Plans (Tables)

3 Months Ended

Dec. 29, 2019

Notes Tables

Share-based Payment Arrangement, Option, Activity [Table Text Block]

(Thousands of Dollars and Shares, Except Per Share Data)	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value

Outstanding, September 29, 2019		809		1.82
Exercised		—		—
Cancelled		—		—
Outstanding, December 29, 2019		809		1.82		1.6		120
Exercisable, December 29, 2019		809		1.82		1.6		120

Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

(Thousands of Shares, Except Per Share Data)	Shares			Weighted Average Grant Date Fair Value

Outstanding, September 29, 2019		1,477			2.49
Vested		(600	)		1.94
Granted		720			1.62
Cancelled		(24	)		2.49
Outstanding, December 29, 2019		1,573			1.56

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
Cash provided by (required for) operating activities:
Net income	$ 5,717	$ 10,719
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,719	7,529
Stock compensation expense	302	464
Distributions greater (less) than earnings of MNI	(658)	51
Deferred income taxes	(8,328)	204
Debt financing and administrative costs	1,196	896
Pension contributions		(650)
Other, net	713	(468)
Changes in operating assets and liabilities:
Increase in receivables and contract assets	(8,137)	(7,479)
Decrease in inventories and other	280	318
Increase in accounts payable and other accrued liabilities	4,016	4,088
Decrease in pension and other postretirement and postemployment benefit obligations	(709)	(741)
Change in income taxes payable	10,189	4,287
Other, including warrants	(939)	189
Net cash provided by operating activities	10,361	19,407
Cash required for investing activities:
Purchases of property and equipment	(2,458)	(1,002)
Proceeds from sales of assets	12	585
Acquisitions	(1,121)
Distributions less than earnings of TNI	(173)	(881)
Other, net		(97)
Net cash required for investing activities	(3,740)	(1,395)
Cash required for financing activities:
Payments on long-term debt	10,233	7,027
Debt financing and administrative costs paid	(193)	(8)
Common stock transactions, net	(372)	(448)
Net cash required for financing activities	(10,798)	(7,483)
Net increase (decrease) in cash and cash equivalents	(4,177)	10,529
Cash and cash equivalents:
Beginning of period	8,645	5,380
End of period	$ 4,468	$ 15,909

Note 6 - Leases - Lease Expense (Details) $ in Thousands	3 Months Ended
Note 6 - Leases - Lease Expense (Details) $ in Thousands	Dec. 29, 2019 USD ($)
Operating lease costs	$ 969
Variable lease costs	280
Short-term lease costs	53
Total Operating Lease Expense	1,302
Operating cash outflow from operating leases	$ 891
Weighted average remaining lease term (years) (Year)	7 years 69 days
Weighted Average discount rate	10.22%

Note 3 - Investments in Associated Companies - Summarized Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
Equity in earnings	$ 1,569	$ 2,129
TNI Partners [Member]
Operating revenue	10,195	12,164
Operating expenses	8,165	9,095
Operating income	2,030	3,069
Company's 50% share of operating income	1,015	1,535
Less amortization of intangible assets	104	105
Equity in earnings	911	1,430
Madison Newspapers, Inc. [Member]
Operating revenue	13,925	14,826
Operating expenses	12,120	12,663
Operating income	1,660	1,853
Equity in earnings	658	699
Restructuring costs		30
Depreciation and amortization	145	280
Net income	$ 1,316	$ 1,398

Note 7 - Pension, Postretirement and Postemployment Defined Benefit Plans (Details Textual) - Pension Plan [Member]	3 Months Ended
	Dec. 29, 2019 USD ($)
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 0
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 6,718,000

Note 5 - Debt (Details Textual) - USD ($)			3 Months Ended		9 Months Ended	12 Months Ended
Note 5 - Debt (Details Textual) - USD ($)	Jan. 29, 2020	Mar. 31, 2014	Dec. 29, 2019	Dec. 30, 2018	Sep. 27, 2020	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021	Nov. 30, 2019	Sep. 29, 2019
Weighted Average Cost of Debt, Excluding Amortization of Debt Financing Costs			9.90%
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months			$ 1,892,000
Long-term Debt, Maturities, Repayments of Principal in Year Two			0
Long-term Debt, Maturities, Repayments of Principal in Year Three			356,141,000
Long-term Debt, Maturities, Repayments of Principal in Year Four			75,361,000
Payments to Acquire Businesses, Gross			1,121,000
Long-term Debt, Gross			433,394,000							$ 443,627,000
Debt Instrument, Repurchased Face Amount			7,279,000
Gain (Loss) on Extinguishment of Debt, Total			25,000
Long-term Debt, Total			421,248,000							429,391,000
Repayments of Long-term Debt, Total			10,233,000	$ 7,027,000
Amortization of Debt Issuance Costs			1,028,000
Debt Issuance Costs, Net, Total			10,254,000							11,282,000
Liquidity			22,112,000
Future Liquidity Warrant Exercise Proceeds			25,140,000
Forecast [Member]
Amortization of Debt Issuance Costs					$ 3,070,000	$ 240,000	$ 2,690,000	$ 4,254,000
Warrants Issued in Connection with Second Lien Term Loan [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		6,000,000
Warrants, When Fully Exercised, Percentage of Common Stock Outstanding		10.40%
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 4.19
Warrants and Rights Outstanding		$ 16,930,000
Subsequent Event [Member] \| BHMG [Member]
Payments to Acquire Businesses, Gross	$ 140,000,000
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 17,644,000
Senior Secured Notes [Member]
Debt Instrument, Face Amount		$ 400,000,000
Debt Instrument, Interest Rate, Stated Percentage		9.50%	9.50%
Long-term Debt, Gross			$ 356,141,000							363,420,000
Repurchase Price of Notes, Change of Control			101.00%
Debt Issuance Costs, Gross		$ 37,819,000
First Lien Credit Faclinty [Member] \| Revolving Credit Facility [Member] \| Federal Funds Rate Plus 0.5% [Member]
Debt Instrument, Basis Spread on Variable Rate			4.50%
First Lien Credit Faclinty [Member] \| Term Loan [Member]
Debt Instrument, Face Amount		250,000,000
First Lien Credit Facility [Member]
Debt Instrument, Interest Rate, Stated Percentage			6.10%
Long-term Debt, Gross
First Lien Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		40,000,000	$ 23,120,000
Line of Credit Facility, Remaining Borrowing Capacity										$ 17,644,000
First Lien Credit Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			5.50%
First Lien Credit Facility [Member] \| Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			4.50%
Second Lien Credit Faclity [Member] \| Term Loan [Member]
Debt Instrument, Face Amount		$ 150,000,000
Debt Instrument, Interest Rate, Stated Percentage			12.00%
Long-term Debt, Total			$ 77,253,000
Repayments of Long-term Debt, Total			2,954,000
Pulitzer Excess Cash Flow			$ 1,892,000
1st Lien Agreement [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity									$ 23,120,000
Credit Agreement [Member] \| Secured Term Loan [Member] \| Subsequent Event [Member] \| BH Finance [Member]
Debt Instrument, Face Amount	$ 576,000,000
Debt Instrument, Interest Rate, Stated Percentage	9.00%

Note 11 - Fair Value Measurements (Details Textual) - USD ($)	Dec. 29, 2019	Sep. 29, 2019	Mar. 31, 2014
Long-term Debt, Total	$ 421,248,000	$ 429,391,000
Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure, Total	6,068,000
Equity Securities without Readily Determinable Fair Value, Amount	10,268,000
Fair Value, Inputs, Level 3 [Member] \| Senior Secured Notes [Member]
Long-term Debt, Total	$ 356,141,000
Fair Value, Inputs, Level 3 [Member] \| TCT and Private Equity Investment [Member]
Equity Securities without Readily Determinable Fair Value, Percent	17.00%
Fair Value, Inputs, Level 2 [Member]
Warrants and Rights Outstanding	$ 178,000	$ 1,195,000	$ 16,930,000
Fair Value, Inputs, Level 2 [Member] \| Senior Secured Notes [Member]
Long-term Debt, Fair Value	344,789,000
Fair Value, Inputs, Level 2 [Member] \| Second Lien Term Loan [Member]
Long-term Debt, Total	77,253,000
Long-term Debt, Fair Value	$ 76,481,000

Note 4 - Goodwill and Other Intangible Assets

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

4	GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill are as follows:

		13 Weeks Ended
		December 29,
(Thousands of Dollars)	2019

Goodwill, gross amount		1,539,038
Accumulated impairment losses		(1,288,729	)
Goodwill, end of period		250,309

Identified intangible assets consist of the following:

		December 29,		September 29,
(Thousands of Dollars)	2019		2019

Nonamortized intangible assets:
Mastheads		21,883		21,883
Amortizable intangible assets:
Customer and newspaper subscriber lists		698,267		697,145
Less accumulated amortization		615,906		611,786
		82,361		85,359
Non-compete and consulting agreements		28,675		28,675
Less accumulated amortization		28,524		28,524
		151		151
Other intangible assets, net		104,395		107,393

Annual amortization of intangible assets for the years ending

December

2021

December

2025

is estimated to be $

16,128,000

, $

14,225,000

, $

12,683,000

12,033,000

and $

9,599,000

, respectively.

Note 5 - Debt - Debt (Details) - USD ($)	Dec. 29, 2019	Sep. 29, 2019	Mar. 31, 2014
Long-term debt, gross	$ 433,394,000	$ 443,627,000
Unamortized debt issue costs	(10,254,000)	(11,282,000)
Less current maturities of long-term debt	1,892,000	2,954,000
Total long-term debt	421,248,000	429,391,000
First Lien Credit Facility [Member]
Long-term debt, gross
Interest rate	6.10%
Senior Secured Notes [Member]
Long-term debt, gross	$ 356,141,000	363,420,000
Interest rate	9.50%		9.50%
Second Lien Term Loan [Member]
Long-term debt, gross	$ 77,253,000	$ 80,207,000
Interest rate	12.00%

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
Operating revenue	$ 122,343	$ 136,201
Advertising and Marketing Services [Member]
Operating revenue	65,727	75,962
Subscription and Circulation [Member]
Operating revenue	41,694	46,268
Digital Services Revenues [Member]
Operating revenue	5,218	4,677
Other Revenues [Member]
Operating revenue	$ 9,704	$ 9,294

Note 6 - Leases

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

LEASES

Effective

September 30, 2019,

the

first

day of fiscal year

2020,

we adopted FASB ASU

2016

02,

“Leases (Topic

842

)” using the modified retrospective method as of the adoption date. As a result of utilizing the modified retrospective approach, we have

not

restated prior year financial statements to conform with the new guidance. Our operating lease portfolio primarily includes real estate, office equipment, and vehicles.

Total lease expense consists of the following:

	13 Weeks Ended
(Thousands of Dollars)	December 29, 2019
Operating lease costs		969
Variable lease costs		280
Short-term lease costs		53
Total Operating Lease Expense		1,302

Supplemental cash flow information related to our operating leases was as follows:

(Thousands of Dollars)	December 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases		891

As a result of the adoption of Topic

842,

September 30, 2019,

we recorded operating lease right-of-use assets of

$10,709,000,

current portion of lease liabilities of

$2,281,000,

and long-term operating lease liabilities of

$8,353,000

in a non-cash operating activity.

As of

December 30, 2019,

maturities of lease liabilities were as follows:


	13 Weeks Ended
(Thousands of Dollars)		December 29, 2019
2020 (nine months remaining)		2,902
2021		3,183
2022		2,149
2023		1,809
2024		1,480
Thereafter		5,019
Total lease payments		16,542
Less: interest		(6,414	)
Present value of lease liabilities		10,128

As of the year ended

September 29, 2019,

minimum lease payments during the

five

years ending

September 2024

and thereafter were

$3,403,000,

$2,290,000,

$2,238,000,

$1,637,000,

$1,367,000

and

$4,991,000,

respectively.

Our lease contracts are discounted using the incremental borrowing rate for the Company. We will assess this rate annually to determine whether it needs to be updated. The weighted average revolving lease terms and discount rates for all of our operating leases were as follows.

	13 Weeks Ended
	December 29, 2019
Weighted average remaining lease term (years)		7.19
Weighted Average discount rate		10.22	%

As of year ended

September 29, 2019,

minimum lease payments during the

five

years ending

September 2024

and thereafter were

$3,403,000,

$2,290,000,

$2,238,000,

$1,637,000

and

$4,991,000,

respectively.

Note 7 - Pension, Postretirement and Postemployment Defined Benefit Plans - Net Periodic Cost (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 29, 2019	Dec. 30, 2018
Pension Plan [Member]
Service cost for benefits earned during the period	$ 8	$ 9
Interest cost on projected benefit obligation	1,231	1,641
Expected return on plan assets	(1,951)	(2,018)
Amortization of net loss	792	284
Amortization of prior service benefit	(2)	(25)
Pension benefit	78	(109)
Postretirement Health Coverage [Member]
Interest cost on projected benefit obligation	67	103
Expected return on plan assets	(265)	(270)
Amortization of net loss	(186)	(244)
Amortization of prior service benefit	(161)	(181)
Pension benefit	$ (545)	$ (592)