0001437749-21-011316 | 10-Q | XBRL Viewer

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Mar. 28, 2021	Apr. 30, 2021
Document Information [Line Items]
Entity Central Index Key	0000058361
Entity Registrant Name	LEE ENTERPRISES, INC
Amendment Flag	false
Current Fiscal Year End Date	--09-26
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 28, 2021
Document Transition Report	false
Entity File Number	1-6227
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-0823980
Entity Address, Address Line One	4600 E. 53rd Street
Entity Address, City or Town	Davenport
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52807
City Area Code	563
Local Phone Number	383-2100
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	LEE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,876,835

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 28, 2021	Sep. 27, 2020
Current assets:
Cash and cash equivalents	$ 33,753,000	$ 33,733,000
Accounts receivable and contract assets, net	60,151,000	52,598,000
Inventories	6,777,000	7,534,000
Prepaids and other	11,495,000	14,888,000
Total current assets	112,176,000	108,753,000
Investments:
Associated companies	26,838,000	27,624,000
Other	6,178,000	6,255,000
Total investments	33,016,000	33,879,000
Property and equipment:
Land and improvements	17,128,000	18,711,000
Buildings and improvements	110,486,000	128,475,000
Equipment	232,574,000	245,117,000
Construction in process	3,625,000	2,323,000
Property, Plant and Equipment, Gross, Ending Balance	363,813,000	394,626,000
Less accumulated depreciation	274,449,000	289,017,000
Property and equipment, net	89,364,000	105,609,000
Operating lease right-of-use assets	68,742,000	70,933,000
Goodwill	330,204,000	328,445,000
Other intangible assets, net	168,997,000	182,680,000
Other	10,758,000	13,699,000
Total assets	835,091,000	864,057,000
Current liabilities:
Current portion of lease liabilities	8,262,000	8,577,000
Current maturities of long-term debt	13,753,000	13,733,000
Accounts payable	17,483,000	17,163,000
Compensation and other accrued liabilities	47,767,000	44,278,000
Income taxes payable	521,000	0
Unearned revenue	63,870,000	60,271,000
Total current liabilities	151,656,000	144,022,000
Long-term debt, net of current maturities	485,162,000	524,557,000
Operating lease liabilities	60,987,000	62,374,000
Pension obligations	71,969,000	75,656,000
Postretirement and postemployment benefit obligations	14,726,000	39,543,000
Deferred income taxes	14,499,000	15,208,000
Income taxes payable	18,767,000	18,048,000
Warrants and other	30,089,000	14,282,000
Total liabilities	847,855,000	893,690,000
Stockholders' equity (deficit):
Serial convertible preferred stock, no par value; authorized 500 shares; none issued	0	0
Additional paid-in capital	257,328,000	256,957,000
Accumulated deficit	(253,761,000)	(268,529,000)
Accumulated other comprehensive loss	(18,430,000)	(20,050,000)
Total stockholders' deficit	(14,804,000)	(31,564,000)
Non-controlling interests	2,040,000	1,931,000
Total deficit	(12,764,000)	(29,633,000)
Total liabilities and deficit	835,091,000	864,057,000
Common Class A [Member]
Stockholders' equity (deficit):
Common Stock	59,000	58,000
Common Class B [Member]
Stockholders' equity (deficit):
Common Stock	0	0
Pension Plan [Member]
Property and equipment:
Retirement plan assets, net	5,936,000	4,147,000
Postretirement Health Coverage [Member]
Property and equipment:
Retirement plan assets, net	$ 15,898,000	$ 15,912,000

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 28, 2021	Sep. 27, 2020
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authoritzed (in shares)	500,000	500,000
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)	12,000,000	12,000,000
Common stock, shares issued (in shares)	5,877,000	5,835,000
Common stock, shares outstanding (in shares)	5,877,000	5,835,000
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 2	$ 2
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Common stock, shares issued (in shares)	0	0

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Operating revenue:
Total operating revenue	$ 192,430,000	$ 121,367,000	$ 404,248,000	$ 243,710,000
Operating expenses:
Compensation	83,154,000	48,691,000	167,317,000	91,934,000
Newsprint and ink	7,179,000	4,321,000	15,171,000	9,057,000
Other operating expenses	79,865,000	52,842,000	161,632,000	101,304,000
Depreciation and amortization	12,517,000	7,276,000	22,958,000	13,995,000
Assets Loss (gain) on sales, impairments and other, net	1,474,000	(6,113,000)	6,696,000	(5,299,000)
Restructuring costs and other	1,294,000	1,925,000	4,461,000	3,557,000
Total operating expenses	185,483,000	108,942,000	378,235,000	214,548,000
Equity in earnings of associated companies	1,471,000	1,362,000	3,213,000	2,931,000
Operating income	8,418,000	13,787,000	29,226,000	32,093,000
Non-operating income (expense):
Interest expense	(11,237,000)	(11,127,000)	(23,119,000)	(22,242,000)
Debt financing and administrative costs	0	(10,670,000)	0	(11,866,000)
Curtailment gain	0	0	23,830,000	0
Pension withdrawal cost	0	0	(12,310,000)	0
Other, net	1,640,000	689,000	3,908,000	2,283,000
Total non-operating income (expense), net	(9,597,000)	(21,108,000)	(7,691,000)	(31,825,000)
Income (loss) before income taxes	(1,179,000)	(7,321,000)	21,535,000	268,000
Income tax (benefit) expense	(571,000)	(2,331,000)	5,740,000	(460,000)
Net income (loss)	(608,000)	(4,990,000)	15,795,000	728,000
Net income attributable to non-controlling interests	(526,000)	(377,000)	(1,027,000)	(774,000)
(Loss) Income attributable to Lee Enterprises, Incorporated	(1,134,000)	(5,367,000)	14,768,000	(46,000)
Other comprehensive income, net of income taxes	478,000	316,000	1,620,000	633,000
Comprehensive (loss) income attributable to Lee Enterprises, Incorporated	$ (656,000)	$ (5,051,000)	$ 16,388,000	$ 587,000
Earnings per common share:
Basic: (in dollars per share)	$ (0.20)	$ (0.95)	$ 2.59	$ (0.01)
Diluted: (in dollars per share)	$ (0.19)	$ (0.94)	$ 2.55	$ (0.01)
Advertising and Marketing Services [Member]
Operating revenue:
Total operating revenue	$ 85,575,000	$ 60,945,000	$ 188,204,000	$ 126,672,000
Subscription and Circulation [Member]
Operating revenue:
Total operating revenue	89,777,000	46,943,000	181,080,000	89,113,000
Product and Service, Other [Member]
Operating revenue:
Total operating revenue	$ 17,078,000	$ 13,479,000	$ 34,964,000	$ 27,925,000

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. 29, 2019	$ (265,423)	$ 57	$ 255,996	$ (29,114)	$ (38,484)
Shares issued (redeemed)	0	1	(376)	0	(375)
(Loss) Income attributable to Lee Enterprises, Incorporated	5,320	0	0	0	5,320
Stock compensation	0	0	545	0	545
Other comprehensive income (loss)	0	0	0	452	452
Deferred income taxes, net	0	0	0	(135)	(135)
Balance at Dec. 29, 2019	(260,103)	58	256,165	(28,797)	(32,677)
Balance at Sep. 29, 2019	(265,423)	57	255,996	(29,114)	(38,484)
(Loss) Income attributable to Lee Enterprises, Incorporated					(46)
Balance at Mar. 29, 2020	(265,470)	58	256,235	(28,481)	(37,658)
Balance at Dec. 29, 2019	(260,103)	58	256,165	(28,797)	(32,677)
Shares issued (redeemed)	0	0	(199)	0	(199)
(Loss) Income attributable to Lee Enterprises, Incorporated	(5,367)	0	0	0	(5,367)
Stock compensation	0	0	269	0	269
Other comprehensive income (loss)	0	0	0	451	451
Deferred income taxes, net	0	0	0	(135)	(135)
Balance at Mar. 29, 2020	(265,470)	58	256,235	(28,481)	(37,658)
Balance at Sep. 27, 2020	(268,529)	58	256,957	(20,050)	(31,564)
Shares issued (redeemed)	0	1	(55)	0	(54)
(Loss) Income attributable to Lee Enterprises, Incorporated	15,902	0	0	0	15,902
Stock compensation	0	0	220	0	220
Other comprehensive income (loss)	0	0	0	1,347	1,347
Deferred income taxes, net	0	0	0	(205)	(205)
Balance at Dec. 27, 2020	(252,627)	59	257,122	(18,908)	(14,354)
Balance at Sep. 27, 2020	(268,529)	58	256,957	(20,050)	(31,564)
(Loss) Income attributable to Lee Enterprises, Incorporated					14,768
Balance at Mar. 28, 2021	(253,761)	59	257,328	(18,430)	(14,804)
Balance at Dec. 27, 2020	(252,627)	59	257,122	(18,908)	(14,354)
Shares issued (redeemed)	0	0	(8)	0	(8)
(Loss) Income attributable to Lee Enterprises, Incorporated	(1,134)	0	0	0	(1,134)
Stock compensation	0	0	214	0	214
Other comprehensive income (loss)	0	0	0	682	682
Deferred income taxes, net	0	0	0	(204)	(204)
Balance at Mar. 28, 2021	$ (253,761)	$ 59	$ 257,328	$ (18,430)	$ (14,804)

- Definition

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

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- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Cash provided by operating activities:
Net income	$ 15,795	$ 728
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,958	13,995
Curtailment gain	(23,830)	(0)
Pension withdrawal cost	12,310	(0)
Stock compensation expense	434	571
Assets Loss (gain) on sales, impairments and other, net	6,696	(5,299)
Deferred income taxes	(319)	(8,427)
Debt financing and administrative costs	(0)	11,866
Pension contributions	(965)	0
Return of collateral on (Payments to collateralize) letters of credit	1,686	(5,476)
Other, net	62	(388)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and contract assets	(6,786)	6,043
Decrease in inventories and other	782	1,610
Increase (decrease) in accounts payable and other accrued liabilities	3,944	(8,134)
Decrease in pension and other postretirement and postemployment benefit obligations	(3,291)	(1,237)
Change in income taxes payable	4,214	6,918
Other, including warrants	5,563	(2,072)
Net cash provided by operating activities	39,253	10,698
Cash required for investing activities:
Purchases of property and equipment	(2,927)	(5,809)
Proceeds from sales of assets	2,751	17,637
Acquisitions, net of cash acquired	0	(130,985)
Distributions greater (less) than earnings of TNI and MNI	555	(325)
Other, net	(78)	(229)
Net cash provided by (required for) investing activities	301	(119,711)
Cash provided by (required for) financing activities:
Proceeds from long term debt	0	576,000
Payments on long-term debt	39,375	443,627
Debt financing and administrative costs paid	0	(609)
Common stock transactions, net	(159)	(572)
Net cash provided by (required for) financing activities	(39,534)	131,192
Net increase in cash and cash equivalents	20	22,179
Cash and cash equivalents:
Beginning of period	33,733	8,645
End of period	$ 33,753	$ 30,824

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

6 Months Ended

Mar. 28, 2021

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 its subsidiaries (the “Company”) as of March 28, 2021 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 2020 Annual Report on Form 10-K.

Because of seasonal and other factors, the results of operations for the 13 and 26 weeks ended March 28, 2021 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 “2021”, “2020” 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.

Certain amounts in prior period Consolidated Financial Statements have been reclassified to conform to the current year presentation. Pursuant to our acquisition of BHMG and the Buffalo News, we realigned the presentation of certain home delivery print revenue and certain other Subscription revenue from Other revenue to Subscription revenue on the Consolidated Statements of Income (loss) and Comprehensive Income (loss). As a result of this updated presentation, Subscription revenue increased and Other revenue decreased for the 13 weeks ended March 29, 2020 by $500,000, the 26 weeks ended March 29, 2020 by $975,000 and the 13 weeks ended December 27, 2020 by $794,000. Operating revenues, net income (loss), accumulated deficit, and earnings per share remained unchanged.

On February 25, 2021, our Board of Directors declared a one-for-ten split of the Company's common stock effected (the "Reverse Stock Split"). Effective March 15, 2021 the Company's shares began trading on a post reverse split basis. Prior period results have been adjusted to reflect the one-for-ten reverse stock split in March 2021. The split did not change the Company's Common Stock Par value but changed opening Common Stock and Additional Paid in Capital balances by offsetting amounts. Additionally, in March 29, 2020, we had outstanding shares of 58,135,910 which were adjusted to 5,813,591 to give effect to the Reverse Stock Split.

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.

Business Combinations

The Company accounts for acquisitions in accordance with the provisions of Accounting Standards Codification 805 “Business Combinations” (“ASC 805”), which provides guidance for recognition and measurement of identifiable assets and goodwill acquired, liabilities assumed, and any noncontrolling interest in the acquiree at fair value. In a business combination, the assets acquired, liabilities assumed and non-controlling interest in the acquiree are recorded as of the date of acquisition at their respective fair values with limited exceptions. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs are expensed as incurred. The operating results of the acquired business are reflected in the Company’s Consolidated Financial Statements from the date of the acquisition.

COVID-19 Pandemic

The ongoing COVID-19 pandemic and related measures to contain its spread have resulted in significant volatility and economic uncertainty, which is expected to continue in the near term. The COVID-19 pandemic has had and the Company currently expects that it will continue to have a significant negative impact, in the near term, on the Company’s business and operating results. The long-term impact of the COVID-19 pandemic will depend on the length, severity and recurrence of the pandemic, the availability of antiviral medications and vaccinations, the duration and extent of government actions designed to combat the pandemic, as well as changes in consumer behavior, all of which are highly uncertain. Despite the significant negative impacts on our operating results, we have operated uninterrupted in providing local news, information and advertising in our print and digital editions.

Recently Issued Accounting Standards - Standards Adopted in 2021

In June 2016, the FASB issued a new standard to replace the incurred loss impairment methodology 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 ("ASC 326"). We are required to use a forward-looking expected credit loss model for both accounts receivables and other financial instruments. The new standard was adopted on September 28, 2020 using a modified retrospective approach. This standard did not have a material impact on our Consolidated Financial Statements.

In August 2018, the FASB issued new guidance that changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve the effectiveness of disclosures in the notes to the financial statements by focusing on requirements that clearly communicate the most important information to users of the financial statements ("ASU 2018-14"). The new guidance was adopted on September 28, 2020 and did not have a material impact on our Consolidated Financial Statements.

In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification ("ASC") 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This new guidance was adopted September 28, 2020 and did not have a material impact on our Consolidated Financial Statements.

Recently Issued Accounting Standards - Standards Not Yet Adopted

In August 2018, FASB issued a new standard to amend disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans ("ASU 2018-13"). The new standard will be adopted beginning September 27, 2021 using a retrospective approach. The Company is still evaluating the impacts to our financial statement disclosures.

In October 2020, FASB issued new guidance containing amendments that improve consistency of the Codification. Many of the amendments arose because the FASB provided an option to give certain information either on the face of the financial statements or in the notes to financial statements. The Company is still evaluating the impacts to our financial statement disclosures.

Note 2 - Revenue

6 Months Ended

Mar. 28, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

2	REVENUE

The following table presents our revenue disaggregated by source:

	13 Weeks Ended				26 Weeks Ended
	March 28,		March 29,		March 28,		March 29,
(Thousands of Dollars)	2021		2020		2021		2020

Advertising and marketing services revenue		85,575		60,945		188,204		126,672
Subscription revenue		89,777		46,943		181,080		89,113
TownNews and other digital services revenue		4,820		4,905		9,966		9,889
Other revenue		12,258		8,574		24,998		18,036
Total operating revenue		192,430		121,367		404,248		243,710

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 contract liabilities is unearned revenue 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 $63,870,000 as of March 28, 2021 and $60,271,000 as of September 27, 2020. Revenue recognized in the 13 and 26 weeks ended March 28, 2021 that was included in the contract liability as of September 27, 2020 was $12,548,000 and $48,562,000, respectively.

Accounts receivable, excluding allowance for credit losses was $69,289,000 and $66,029,000 as of March 28, 2021 and September 27, 2020, respectively. Allowance for credit losses was $9,138,000 and $13,431,000 as of March 28, 2021 and September 27, 2020, 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Note 3 - Investments in Associated Companies

6 Months Ended

Mar. 28, 2021

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				26 Weeks Ended
	March 28,		March 29,		March 28,		March 29,
(Thousands of Dollars)	2021		2020		2021		2020

Operating revenue		8,759		10,185		18,159		20,381
Operating expenses		6,424		7,766		13,429		15,931
Operating income		2,335		2,419		4,730		4,450
Company's 50% share of operating income		1,168		1,210		2,365		2,225
Less amortization of intangible assets		—		105		—		210
Equity in earnings of TNI		1,168		1,105		2,365		2,015

TNI makes weekly distributions of its earnings and for the 13 weeks ended March 28, 2021 and March 29, 2020 we received $1,561,000 and $953,000 in distributions, respectively. In the 26 weeks ended March 28, 2021 and March 29, 2020, we received $2,617,000 and $1,691,000 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				26 Weeks Ended
	March 28,		March 29,		March 28,		March 29,
(Thousands of Dollars)	2021		2020		2021		2020

Operating revenue		11,024		12,325		22,946		26,250
Operating expenses, excluding restructuring costs, depreciation and amortization		10,237		11,561		20,667		23,681
Restructuring costs		—		—		106		—
Depreciation and amortization		182		197		292		341
Operating income		605		567		1,881		2,228
Net income		605		514		1,694		1,830
Equity in earnings of MNI		303		257		847		915

MNI makes quarterly distributions of its earnings and in the 13 weeks ended March 28, 2021 and March 29, 2020, we received dividends of $1,150,000 and $1,000,000, respectively. In the 26 weeks ended March 28, 2021 and March 29, 2020, we received dividends of $1,150,000 and $1,000,000 respectively.

Note 4 - Goodwill and Other Intangible Assets

6 Months Ended

Mar. 28, 2021

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:

		26 Weeks Ended
		March 28,
(Thousands of Dollars)	2021

Goodwill, gross amount		1,617,174
Accumulated impairment losses		(1,288,729	)
Goodwill, as of September 27, 2020		328,445
Measurement period adjustments		1,759
Goodwill, end of period		330,204

Identified intangible assets consist of the following:

	March 28,		September 27,
(Thousands of Dollars)	2021		2020

Non-amortized intangible assets:
Mastheads		40,459		40,459
Amortizable intangible assets:
Customer and newspaper subscriber lists		774,155		774,604
Less accumulated amortization		645,653		632,457
		128,502		142,147
Non-compete and consulting agreements		28,656		28,656
Less accumulated amortization		28,620		28,582
		36		74
Other intangible assets, net		168,997		182,680

The Company recognized $27,620,000 of advertiser relationships, $27,850,000 of subscriber relationships, $19,560,000 of commercial print relationships and $20,390,000 of indefinite-lived masthead assets as part of the Transactions as defined in Note 7.

Annual amortization of intangible assets for the five years ending December 2022 to December 2026 is estimated to be $22,250,000, $20,427,000, $18,738,000, $14,745,000, and $7,651,000, respectively. The weighted average amortization period for those amortizable assets acquired as part of the Transactions is 14.0 years.

The Company recognized $79,896,000 of Goodwill as part of the Transactions as defined in Note 7. The value of the acquired Goodwill is primarily related to an assembled workforce and expected synergies from combining operations. For tax purposes, the amount of Goodwill that is expected to be deductible is $42,442,000. Refer to Note 7 for more information regarding final purchase accounting for the Transactions.

Note 5 - Debt

6 Months Ended

Mar. 28, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

DEBT

On March 16, 2020 in connection with the closing of the Transactions as defined in Note 7, the Company completed a comprehensive refinancing of its debt (the “2020 Refinancing”). The 2020 Refinancing consists of a 25-year term loan with BH Finance LLC (“BH Finance”), an affiliate of Berkshire, in an aggregate principal amount of $576,000,000 at a 9% annual rate (referred to herein as “Credit Agreement” and “Term Loan”). The proceeds of the Term Loan were used, along with cash on hand, to repay the Company's $431,502,000 in existing debt as well as to fund the acquisition of the BH Media Newspaper Business assets and the stock of the Buffalo News for $140,000,000 in cash. With the closing of this refinancing, BH Finance became Lee's sole lender. The Credit Agreement documents the primary terms of the Term Loan. The Term Loan matures on March 16, 2045.

As of March 28, 2021, the Company had $498,915,000 in aggregate principal outstanding under the Term Loan. The weighted average cost of debt at March 28, 2021 is 9.0%. During the 13 weeks ended March 28, 2021 the Company made a voluntary prepayment on the Term Loan of $7,500,000.

For the 13-weeks ended March 28, 2021 excess cash flow (as such term is defined in the Term Loan) totaled $13,753,000 and was used to pay debt in April 2021. This balance was recognized in current maturities of long-term debt as of March 28, 2021 in the Consolidated Balance Sheets. Future payments are contingent on the Company's ability to generate future excess cash flow, as defined in the Credit Agreement.

The Credit Agreement 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.

The Credit Agreement restricts us from paying dividends on our Common Stock. This restriction does not apply to dividends issued with the Company’s Equity Interests or from the proceeds of a sale of the Company’s Equity Interests. Further, the Credit Agreement restricts or limits, among other things, subject to certain exceptions, the ability of the Company and its subsidiaries to: (i) incur additional indebtedness, (ii) make certain investments, (iii) enter into mergers, acquisitions and asset sales, (iv) incur or create liens and (v) enter into transactions with certain affiliates. The Credit Agreement contains various representations and warranties by the Company and may be terminated upon the occurrence of certain events of default, including non-payment. The Credit Agreement also contains cross-default provisions tied to other agreements with BH Finance entered into by the Company and its subsidiaries in connection with the 2020 Refinancing.

Principal Payments

Voluntary payments under the Credit Agreement are not subject to call premiums and are payable at par.

There are no scheduled mandatory principal payments required under the Credit Agreement. The Company is required to make mandatory pre-payments of the Term Loan as follows:

	•	The Company must prepay the Term Loan in an aggregate amount equal to 100% of any Net Cash Proceeds received by the Company or any subsidiary from a sale, transfer, license, lease or other disposition of any property of the Company or any subsidiary in excess of $500,000 in any ninety (90) day period.

	•	Beginning on June 28, 2020, the Company is required to prepay the Term Loan with excess cash flow, defined as cash on the balance sheet in excess of $20,000,000 (“Excess Cash Flow”). Excess Cash Flow is used to prepay the Term Loan, at par, and is due within 50-days of quarter end.

	•	If there is a Change of Control (as defined in the Credit Agreement), BH Finance has the option to require the Company to prepay the Term Loan in cash equal to 105% of the unpaid principal balance, plus accrued and unpaid interest.

The Company may, upon notice to BH Finance, at any time or from time to time, voluntarily prepay the Term Loan in whole or in part, at par, provided that any voluntary prepayments of the Term Loan shall be accompanied by payment of all accrued interest on the amount of principal prepaid to the date of prepayment.

Warrants

In connection with the 2^nd 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 2^nd Lien Lenders received on March 31, 2014 their pro rata share of warrants to purchase, in cash, an initial aggregate of 600,000 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 $41.90 per share. The Warrants are set to expire in March 2022. Shares and exercise price have been adjusted to reflect the reverse stock split as defined in Note 1.

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.

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans

6 Months Ended

Mar. 28, 2021

Pension Plan [Member]

Notes to Financial Statements

Retirement Benefits [Text Block]

6	PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS

We have several noncontributory defined benefit pension plans that together cover selected employees, including plans established under collective bargaining agreements. 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.

We provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. 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.

With the exception of defined benefit plans acquired in the Transactions as defined in Note 7, effective in 2012, substantially all benefits are frozen. Our liability and related expenses 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.

During the 13 weeks ended December 27, 2020 we notified certain participants in our post-employment benefit plans of changes to be made to the plans, including elimination of coverage for certain participants. The changes resulted in a non-cash curtailment gain of $23,830,000 and a reduction in our benefit obligation liability by $23,830,000. This is recorded within Curtailment gain and Postretirement and postemployment benefit obligations.

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

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

PENSION PLANS	13 Weeks Ended						26 Weeks Ended
	March 28,			March 29,			March 28,			March 29,
(Thousands of Dollars)	2021			2020			2021			2020

Service cost for benefits earned during the period		633			103			1,266			111
Interest cost on projected benefit obligation		1,787			1,420			3,574			2,651
Expected return on plan assets		(4,672	)		(2,321	)		(9,344	)		(4,272	)
Amortization of net loss		1,005			792			2,009			1,584
Amortization of prior service benefit		(1	)		(2	)		(1	)		(4	)
Pension benefit		(1,248	)		(8	)		(2,496	)		70

POSTRETIREMENT MEDICAL PLANS	13 Weeks Ended						26 Weeks Ended
	March 28,			March 29,			March 28,			March 29,
(Thousands of Dollars)	2021			2020			2021			2020

Service cost for benefits earned during the period		240			36			450			36
Interest cost on projected benefit obligation		239			110			362			177
Expected return on plan assets		(252	)		(265	)		(504	)		(530	)
Amortization of net gain		(172	)		(186	)		(344	)		(372	)
Amortization of prior service benefit		(162	)		(161	)		(323	)		(322	)
Curtailment gain		—			—			(23,830	)		—
Postretirement medical benefit		(107	)		(466	)		(24,189	)		(1,011	)

In the 26 weeks ended March 28, 2021 we contributed $965,000 to our pension plans. In March 2021, The American Rescue Plan Act was signed into law. Among other things, the law changed how companies compute minimum required pension contributions. As a result we expect to make no additional contributions to our pension trust during the remainder of fiscal 2021.

Multiemployer Pension Plans

During the 13 weeks ended December 27, 2020, we withdrew from a multiemployer pension plan and recorded a $12,310,000 liability reflecting an estimate of the withdrawal from the fund. The withdrawal liability is recorded in Warrants and other and the expense is included within Pension withdrawal cost. The liability will be paid over 20 years.

- Definition

The entire disclosure for retirement benefits.

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-Name Accounting Standards Codification
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+ Details

Note 7 - Acquisitions

6 Months Ended

Mar. 28, 2021

Notes to Financial Statements

Business Combination Disclosure [Text Block]

7	ACQUISITIONS

On March 16, 2020, the Company completed the Asset and Stock Purchase Agreement dated as of January 29, 2020 with Berkshire Hathaway Inc., a Delaware corporation (“Berkshire”) and BH Media Group, Inc., a Delaware corporation (“BHMG”) (“Purchase Agreement”). As part of the Purchase Agreement, the Company purchased certain assets and assumed certain liabilities of BHMG’s newspapers and related community publications business (“BH Media Newspaper Business”), excluding real estate and fixtures such as production equipment, and all of the issued and outstanding capital stock of The Buffalo News, Inc., a Delaware corporation (“Buffalo News”) for a combined purchase price of $140,000,000 (collectively, the “Transactions”). BHMG includes 30 daily newspapers and digital operations, in addition to 49 paid weekly newspapers with websites and 32 other print products. Buffalo News is a provider of local print and digital news to the Buffalo, NY area. The rationale for the acquisition was primarily the attractive nature of the various publications, businesses, and digital platforms as well as the revenue growth and operating expense synergy opportunities.

The allocation of the purchase price is final. As part of the Transactions, the Company also entered into the Credit Agreement and the BH Lease, as described below. The Company concluded that these agreements were not separate from the Transactions and evaluated these agreements for off-market terms and no such terms were identified. As such, the consideration for the acquisitions was limited to cash consideration, as shown below. The accounting for the Credit Agreement is described in Note 5 and the BH Lease in the following paragraph:

In connection with the Transactions, the Company entered into a lease agreement between BHMG, as Landlord, and the Company, as Tenant, providing for the leasing of 68 properties and related fixtures (including production equipment) used in the BH Media Newspaper Business (the “BH Lease”). The BH Lease was signed and commenced on March 16, 2020. The BH Lease requires the Company to pay annual rent of $8,000,000, payable in equal monthly payments, as well as all operating costs relating to the properties (including maintenance, repairs, property taxes and insurance). Rent payments will be subject to a Rent Credit (as defined in the BH Lease) equal to 8.00% of the net consideration for any leased real estate sold by BH Media during the term of the BH Lease.

The following table summarizes the final determination of fair values of the assets and liabilities for the Transactions.

(in Thousands)	Estimated fair value as previously reported (a)		Measurement period adjustments		Fair value as adjusted
Cash and Cash equivalents	22,293		—		22,293
Current assets	52,559		(855	)	51,704
Other assets	12,167		4,343		16,510
Property and equipment	42,952		33		42,985
Operating lease assets	7,445		101		7,546
Advertiser relationships	38,780		(11,160	)	27,620
Subscriber relationships	36,060		(8,210	)	27,850
Commercial print relationships	17,130		2,430		19,560
Mastheads	21,680		(1,290	)	20,390
Goodwill	63,559		16,337		79,896
Total assets	314,625		1,729		316,354
Current liabilities assumed	(73,451	)	1,074		(72,377	)
Operating lease liabilities	(6,625	)	(921	)	(7,546	)
Other liabilities assumed	(2,246	)	(1,882)		(4,128	)
Pension obligations	(43,503	)	—		(43,503	)
Postemployment benefit obligations	(36,800	)	—		(36,800	)
Total liabilities	(162,625	)	(1,729)		(164,354	)
Net assets	152,000		—		152,000
Less: acquired cash	(22,293	)	—		(22,293	)
Total consideration less acquired cash	129,707		—		129,707

^(a) As previously reported in the Company's Quarterly Report on Form 10-Q for the period ended March 29,2020.

The Company recorded several adjustments in the 13-week period ended March 28, 2021 related to IRS penalties of $634,000, FIN 48 of $138,000, and decreasing customer relationships for $710,000 resulting from changes in the valuation.

For the 13 weeks ended March 28, 2021, the revenue and net loss included in the Consolidated Income Statement related to the acquirees was $97,770,000 and $7,181,000, respectively. For the 26 weeks ended March 28, 2021, the revenue and net income in the Consolidated Income Statement related to the acquirees was $206,831,000 and $15,951,000, respectively.

Pro Forma Information

The following table sets forth unaudited pro forma results of operations assuming the Transactions, along with the credit arrangements necessary to finance the Transactions, occurred on September 30, 2019, the first day of fiscal year 2020.

Unaudited

13 Weeks Ended

26 Weeks Ended

March 29,

(Thousands of Dollars, Except Per Share Data)

2020

Total revenues

207,329

442,025

Income (loss) attributable to Lee Enterprises, Incorporated

4,053

20,608

Earnings per share - diluted

0.70

3.60

Prior period results have been adjusted to reflect the one-for-ten reverse stock split in March 2021. See Note 1 for details.

This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other acquisition accounting adjustments. This pro forma information is not necessarily indicative of what our results would have been had we operated the businesses since the beginning of the periods presented. The pro forma adjustments reflect the income statement effects of depreciation expense and amortization of intangibles related to the fair value adjustments of the assets acquired, acquisition-related costs, incremental interest expense related to the financing of the Transactions and 2020 Refinancing, the BH Lease entered into as part of the Transactions, the elimination of certain intercompany activity and the related tax effects of the adjustments.

The only material, nonrecurring adjustment made relates to the write-off of previously unamortized debt-issuance costs as of October 1, 2019 which resulted in an $8,002,000 increase to net income for the 13 weeks ended March 29, 2020 and a $8,900,000 increase to net income for the 26 weeks ended March 29, 2020.

Note 8 - Income Taxes

6 Months Ended

Mar. 28, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

8	INCOME TAXES

We recorded an income tax benefit of $571,000 related to a loss before taxes of $1,179,000 for the 13 weeks ended March 28, 2021, and income tax expense of $5,740,000 related to income before taxes of $21,535,000 for the 26 weeks ended March 28, 2021. We recorded an income tax benefit of $2,331,000 related to a loss before taxes of $7,321,000 for the 13 weeks ended March 29, 2020, and income tax benefit of $460,000 related to income before taxes of $268,000 for the 26 weeks ended March 29, 2020. The effective income tax rates for the 13 weeks and 26 weeks ended March 28, 2021 was 48.4% and 26.7%, respectively. The effective income tax rate for the 13 and 26 weeks ended March 29^th, 2020 was 31.8% and negative 171.6%.

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 stock warrants.

We file a consolidated federal tax return, as well as combined and separate tax returns in approximately 27 state and local jurisdictions. We do not currently have any federal or material state income tax examinations in progress. Our income tax returns have generally been audited or closed to audit through 2013.

At September 27, 2020, we had approximately $46,066,000 of state net operating loss benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 9 - Earnings Per Common Share

6 Months Ended

Mar. 28, 2021

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 as adjusted to give effect to the reverse stock split:

	13 Weeks Ended						26 Weeks Ended
	March 28,			March 29,			March 28,			March 29,
(Thousands of Dollars and Shares, Except Per Share Data)	2021			2020			2021			2020

Income (loss) attributable to Lee Enterprises, Incorporated:		(1,134	)		(5,367	)		14,768			(46	)
Weighted average common shares		5,877			5,814			5,861			5,793
Less weighted average restricted Common Stock		(156	)		(157	)		(155	)		(152	)
Basic average common shares		5,721			5,657			5,706			5,641
Dilutive stock options and restricted Common Stock		98			38			75			59
Diluted average common shares		5,819			5,695			5,781			5,700
Earnings per common share:
Basic		(0.20	)		(0.95	)		2.59			(0.01	)
Diluted		(0.19	)		(0.94	)		2.55			(0.01	)

For the 13 and 26 weeks ended March 28, 2021, 600,000 shares 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. For the 13 and 26 weeks ended March 29, 2020, 695,430 and 639,397 shares, respectively, were not considered in the computation of diluted earnings per common share because the Company recorded net losses.

Prior period results have been adjusted to reflect the one-for-ten reverse stock split in March 2021. See Note 1 for details.

Note 10 - Stock Ownership Plans

6 Months Ended

Mar. 28, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

10	STOCK OWNERSHIP PLANS

A summary of stock option activity during the 26 weeks ended March 28, 2021 follows, as adjusted to give effect to the reverse stock split:

(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 27, 2020		41		11.40
Exercised		—		—
Cancelled		—		—
Outstanding, March 28, 2021	41		11.40		1.18	590
Exercisable, March 28, 2021	41		11.40		1.18	590

Restricted Common Stock

The table below summarizes restricted Common Stock activity during the 26 weeks ended March 28, 2021, as adjusted to give effect to the reverse stock split:

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

Outstanding, September 27, 2020		155			21.50
Vested		(45	)		27.70
Granted		46			11.20
Cancelled		—			—
Outstanding, March 28, 2021		156			16.70

Total unrecognized compensation expense for unvested restricted Common Stock at March 28, 2021 is $1,320,000, which will be recognized over a weighted average period of 1.7 years.

Note 11 - Fair Value of Measurements

6 Months Ended

Mar. 28, 2021

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 1 - Quoted prices for identical instruments in active markets.

Level 2 - 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 3 - 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 $4,226,000, including our 17% ownership of the non-voting common stock of TCT, are carried at cost. Fair value of the remaining investments are carried at cost.

Our fixed rate debt consists of $498,915,000 principal amount of the Term Loan recorded at carrying value. At March 28, 2021, based on market quotations, the fair value approximates carrying value. This represents a level 2 fair value measurement.

As discussed more fully in Note 5, 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 measure 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 March 28, 2021 and September 27, 2020 are $1,080,000 and $363,000, respectively. Fair value is determined using the Black-Scholes option pricing model. These represent level 2 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 12 - Commitments and Contingent Liabilities

6 Months Ended

Mar. 28, 2021

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 8.

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 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 2013.

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.

Restructuring Costs and Other

We have recognized $1,294,000 and $4,461,000 of expense related to restructuring costs and other for the 13 and 26 weeks ended March 28, 2021. The amounts consist of $671,000 and $3,167,000 of severance expense. We did not have a significant restructuring liability as of March 28, 2021.

Subsequent events

We have evaluated subsequent events through May 7, 2021. No events have occurred subsequent to March 28, 2021 that require disclosure or recognition in these financial statements.

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Mar. 28, 2021
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 its subsidiaries (the “Company”) as of March 28, 2021 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 2020 Annual Report on Form 10-K. Because of seasonal and other factors, the results of operations for the 13 and 26 weeks ended March 28, 2021 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 “2021”, “2020” 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. Certain amounts in prior period Consolidated Financial Statements have been reclassified to conform to the current year presentation. Pursuant to our acquisition of BHMG and the Buffalo News, we realigned the presentation of certain home delivery print revenue and certain other Subscription revenue from Other revenue to Subscription revenue on the Consolidated Statements of Income (loss) and Comprehensive Income (loss). As a result of this updated presentation, Subscription revenue increased and Other revenue decreased for the 13 weeks ended March 29, 2020 by $500,000, the 26 weeks ended March 29, 2020 by $975,000 and the 13 weeks ended December 27, 2020 by $794,000. Operating revenues, net income (loss), accumulated deficit, and earnings per share remained unchanged. On February 25, 2021, our Board of Directors declared a one-for-ten split of the Company's common stock effected (the "Reverse Stock Split"). Effective March 15, 2021 the Company's shares began trading on a post reverse split basis. Prior period results have been adjusted to reflect the one-for-ten reverse stock split in March 2021. The split did not change the Company's Common Stock Par value but changed opening Common Stock and Additional Paid in Capital balances by offsetting amounts. Additionally, in March 29, 2020, we had outstanding shares of 58,135,910 which were adjusted to 5,813,591 to give effect to the Reverse Stock Split.
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.
Business Combinations Policy [Policy Text Block]	Business Combinations The Company accounts for acquisitions in accordance with the provisions of Accounting Standards Codification 805 “Business Combinations” (“ASC 805”), which provides guidance for recognition and measurement of identifiable assets and goodwill acquired, liabilities assumed, and any noncontrolling interest in the acquiree at fair value. In a business combination, the assets acquired, liabilities assumed and non-controlling interest in the acquiree are recorded as of the date of acquisition at their respective fair values with limited exceptions. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs are expensed as incurred. The operating results of the acquired business are reflected in the Company’s Consolidated Financial Statements from the date of the acquisition.
COVID-19 Pandemic, Policy [Policy Text Block]	COVID-19 Pandemic The ongoing COVID-19 pandemic and related measures to contain its spread have resulted in significant volatility and economic uncertainty, which is expected to continue in the near term. The COVID-19 pandemic has had and the Company currently expects that it will continue to have a significant negative impact, in the near term, on the Company’s business and operating results. The long-term impact of the COVID-19 pandemic will depend on the length, severity and recurrence of the pandemic, the availability of antiviral medications and vaccinations, the duration and extent of government actions designed to combat the pandemic, as well as changes in consumer behavior, all of which are highly uncertain. Despite the significant negative impacts on our operating results, we have operated uninterrupted in providing local news, information and advertising in our print and digital editions.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards - Standards Adopted in 2021 In June 2016, the FASB issued a new standard to replace the incurred loss impairment methodology 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 ("ASC 326"). We are required to use a forward-looking expected credit loss model for both accounts receivables and other financial instruments. The new standard was adopted on September 28, 2020 using a modified retrospective approach. This standard did not have a material impact on our Consolidated Financial Statements. In August 2018, the FASB issued new guidance that changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve the effectiveness of disclosures in the notes to the financial statements by focusing on requirements that clearly communicate the most important information to users of the financial statements ("ASU 2018-14"). The new guidance was adopted on September 28, 2020 and did not have a material impact on our Consolidated Financial Statements. In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification ("ASC") 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This new guidance was adopted September 28, 2020 and did not have a material impact on our Consolidated Financial Statements. *Recently Issued Accounting Standards - Standards Not* Yet Adopted** In August 2018, FASB issued a new standard to amend disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans ("ASU 2018-13"). The new standard will be adopted beginning September 27, 2021 using a retrospective approach. The Company is still evaluating the impacts to our financial statement disclosures. In October 2020, FASB issued new guidance containing amendments that improve consistency of the Codification. Many of the amendments arose because the FASB provided an option to give certain information either on the face of the financial statements or in the notes to financial statements. The Company is still evaluating the impacts to our financial statement disclosures.

Note 2 - Revenue (Tables)

6 Months Ended

Mar. 28, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	13 Weeks Ended				26 Weeks Ended
	March 28,		March 29,		March 28,		March 29,
(Thousands of Dollars)	2021		2020		2021		2020

Advertising and marketing services revenue		85,575		60,945		188,204		126,672
Subscription revenue		89,777		46,943		181,080		89,113
TownNews and other digital services revenue		4,820		4,905		9,966		9,889
Other revenue		12,258		8,574		24,998		18,036
Total operating revenue		192,430		121,367		404,248		243,710

Note 3 - Investments in Associated Companies (Tables)

6 Months Ended

Mar. 28, 2021

Notes Tables

Equity Method Investments [Table Text Block]

	13 Weeks Ended				26 Weeks Ended
	March 28,		March 29,		March 28,		March 29,
(Thousands of Dollars)	2021		2020		2021		2020

Operating revenue		8,759		10,185		18,159		20,381
Operating expenses		6,424		7,766		13,429		15,931
Operating income		2,335		2,419		4,730		4,450
Company's 50% share of operating income		1,168		1,210		2,365		2,225
Less amortization of intangible assets		—		105		—		210
Equity in earnings of TNI		1,168		1,105		2,365		2,015

	13 Weeks Ended				26 Weeks Ended
	March 28,		March 29,		March 28,		March 29,
(Thousands of Dollars)	2021		2020		2021		2020

Operating revenue		11,024		12,325		22,946		26,250
Operating expenses, excluding restructuring costs, depreciation and amortization		10,237		11,561		20,667		23,681
Restructuring costs		—		—		106		—
Depreciation and amortization		182		197		292		341
Operating income		605		567		1,881		2,228
Net income		605		514		1,694		1,830
Equity in earnings of MNI		303		257		847		915

Note 4 - Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Mar. 28, 2021

Notes Tables

Schedule of Goodwill [Table Text Block]

		26 Weeks Ended
		March 28,
(Thousands of Dollars)	2021

Goodwill, gross amount		1,617,174
Accumulated impairment losses		(1,288,729	)
Goodwill, as of September 27, 2020		328,445
Measurement period adjustments		1,759
Goodwill, end of period		330,204

Schedule of Intangible Assets [Table Text Block]

	March 28,		September 27,
(Thousands of Dollars)	2021		2020

Non-amortized intangible assets:
Mastheads		40,459		40,459
Amortizable intangible assets:
Customer and newspaper subscriber lists		774,155		774,604
Less accumulated amortization		645,653		632,457
		128,502		142,147
Non-compete and consulting agreements		28,656		28,656
Less accumulated amortization		28,620		28,582
		36		74
Other intangible assets, net		168,997		182,680

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans (Tables)

6 Months Ended

Mar. 28, 2021

Pension Plan [Member]

Notes Tables

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

PENSION PLANS	13 Weeks Ended						26 Weeks Ended
	March 28,			March 29,			March 28,			March 29,
(Thousands of Dollars)	2021			2020			2021			2020

Service cost for benefits earned during the period		633			103			1,266			111
Interest cost on projected benefit obligation		1,787			1,420			3,574			2,651
Expected return on plan assets		(4,672	)		(2,321	)		(9,344	)		(4,272	)
Amortization of net loss		1,005			792			2,009			1,584
Amortization of prior service benefit		(1	)		(2	)		(1	)		(4	)
Pension benefit		(1,248	)		(8	)		(2,496	)		70

POSTRETIREMENT MEDICAL PLANS	13 Weeks Ended						26 Weeks Ended
	March 28,			March 29,			March 28,			March 29,
(Thousands of Dollars)	2021			2020			2021			2020

Service cost for benefits earned during the period		240			36			450			36
Interest cost on projected benefit obligation		239			110			362			177
Expected return on plan assets		(252	)		(265	)		(504	)		(530	)
Amortization of net gain		(172	)		(186	)		(344	)		(372	)
Amortization of prior service benefit		(162	)		(161	)		(323	)		(322	)
Curtailment gain		—			—			(23,830	)		—
Postretirement medical benefit		(107	)		(466	)		(24,189	)		(1,011	)

Note 7 - Acquisitions (Tables)

6 Months Ended

Mar. 28, 2021

Notes Tables

Business Acquisition, Pro Forma Information [Table Text Block]

Unaudited

13 Weeks Ended

26 Weeks Ended

March 29,

(Thousands of Dollars, Except Per Share Data)

2020

Total revenues

207,329

442,025

Income (loss) attributable to Lee Enterprises, Incorporated

4,053

20,608

Earnings per share - diluted

0.70

3.60

BHMG [Member]

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

(in Thousands)	Estimated fair value as previously reported (a)		Measurement period adjustments		Fair value as adjusted
Cash and Cash equivalents	22,293		—		22,293
Current assets	52,559		(855	)	51,704
Other assets	12,167		4,343		16,510
Property and equipment	42,952		33		42,985
Operating lease assets	7,445		101		7,546
Advertiser relationships	38,780		(11,160	)	27,620
Subscriber relationships	36,060		(8,210	)	27,850
Commercial print relationships	17,130		2,430		19,560
Mastheads	21,680		(1,290	)	20,390
Goodwill	63,559		16,337		79,896
Total assets	314,625		1,729		316,354
Current liabilities assumed	(73,451	)	1,074		(72,377	)
Operating lease liabilities	(6,625	)	(921	)	(7,546	)
Other liabilities assumed	(2,246	)	(1,882)		(4,128	)
Pension obligations	(43,503	)	—		(43,503	)
Postemployment benefit obligations	(36,800	)	—		(36,800	)
Total liabilities	(162,625	)	(1,729)		(164,354	)
Net assets	152,000		—		152,000
Less: acquired cash	(22,293	)	—		(22,293	)
Total consideration less acquired cash	129,707		—		129,707

Note 9 - Earnings Per Common Share (Tables)

6 Months Ended

Mar. 28, 2021

Notes Tables

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

	13 Weeks Ended						26 Weeks Ended
	March 28,			March 29,			March 28,			March 29,
(Thousands of Dollars and Shares, Except Per Share Data)	2021			2020			2021			2020

Income (loss) attributable to Lee Enterprises, Incorporated:		(1,134	)		(5,367	)		14,768			(46	)
Weighted average common shares		5,877			5,814			5,861			5,793
Less weighted average restricted Common Stock		(156	)		(157	)		(155	)		(152	)
Basic average common shares		5,721			5,657			5,706			5,641
Dilutive stock options and restricted Common Stock		98			38			75			59
Diluted average common shares		5,819			5,695			5,781			5,700
Earnings per common share:
Basic		(0.20	)		(0.95	)		2.59			(0.01	)
Diluted		(0.19	)		(0.94	)		2.55			(0.01	)

Note 10 - Stock Ownership Plans (Tables)

6 Months Ended

Mar. 28, 2021

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 27, 2020		41		11.40
Exercised		—		—
Cancelled		—		—
Outstanding, March 28, 2021	41		11.40		1.18	590
Exercisable, March 28, 2021	41		11.40		1.18	590

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 27, 2020		155			21.50
Vested		(45	)		27.70
Granted		46			11.20
Cancelled		—			—
Outstanding, March 28, 2021		156			16.70

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)		3 Months Ended			6 Months Ended
	Feb. 25, 2021	Mar. 28, 2021 USD ($)	Dec. 27, 2020 USD ($)	Mar. 29, 2020 USD ($) shares	Mar. 28, 2021 USD ($)	Mar. 29, 2020 USD ($) shares
Revenue from Contract with Customer, Including Assessed Tax		$ 192,430,000		$ 121,367,000	$ 404,248,000	$ 243,710,000
Common Stock, Shares, Outstanding, Ending Balance (in shares) \| shares				5,813,591		5,813,591
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	10
Previously Reported [Member]
Common Stock, Shares, Outstanding, Ending Balance (in shares) \| shares				58,135,910		58,135,910
Subscription and Circulation [Member]
Revenue from Contract with Customer, Including Assessed Tax		89,777,000		$ 46,943,000	181,080,000	$ 89,113,000
Subscription and Circulation [Member] \| Revision of Prior Period, Adjustment [Member]
Revenue from Contract with Customer, Including Assessed Tax			$ 794,000	500,000		975,000
Product and Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax		$ 17,078,000		13,479,000	$ 34,964,000	27,925,000
Product and Service, Other [Member] \| Revision of Prior Period, Adjustment [Member]
Revenue from Contract with Customer, Including Assessed Tax			$ (794,000)	$ (500,000)		$ (975,000)
INN Partners, L.C. [Member]
Noncontrolling Interest, Ownership Percentage by Parent		82.50%			82.50%
TNI Partners [Member]
Noncontrolling Interest, Ownership Percentage by Parent		50.00%			50.00%
MNI [Member]
Noncontrolling Interest, Ownership Percentage by Parent		50.00%			50.00%

Note 2 - Revenue (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
Note 2 - Revenue (Details Textual) - USD ($)	Mar. 28, 2021	Mar. 28, 2021	Sep. 27, 2020
Contract with Customer, Liability, Current	$ 63,870,000	$ 63,870,000	$ 60,271,000
Contract with Customer, Liability, Revenue Recognized	12,548,000	48,562,000
Accounts Receivable, before Allowance for Credit Loss	69,289,000	69,289,000	66,029,000
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 9,138,000	$ 9,138,000	$ 13,431,000

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Total operating revenue	$ 192,430	$ 121,367	$ 404,248	$ 243,710
Advertising and Marketing Services [Member]
Total operating revenue	85,575	60,945	188,204	126,672
Subscription and Circulation [Member]
Total operating revenue	89,777	46,943	181,080	89,113
Digital Services Revenues [Member]
Total operating revenue	4,820	4,905	9,966	9,889
Other Revenues [Member]
Total operating revenue	$ 12,258	$ 8,574	$ 24,998	$ 18,036

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 3 - Investments in Associated Companies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
TNI Partners [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%		50.00%
TNI Partners [Member]
Proceeds from Equity Method Investment, Distribution	$ 1,561,000	$ 953,000	$ 2,617,000	$ 1,691,000
MNI [Member]
Proceeds from Equity Method Investment, Distribution	$ 1,150,000	$ 1,000,000	$ 1,150,000	$ 1,000,000

Note 3 - Investments in Associated Companies - Summarized Financial Results (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Operating revenue	$ 192,430,000	$ 121,367,000	$ 404,248,000	$ 243,710,000
Operating expenses	185,483,000	108,942,000	378,235,000	214,548,000
Operating income	8,418,000	13,787,000	29,226,000	32,093,000
Equity in earnings	1,471,000	1,362,000	3,213,000	2,931,000
Restructuring costs	1,294,000	1,925,000	4,461,000	3,557,000
Depreciation and amortization	12,517,000	7,276,000	22,958,000	13,995,000
Net income	(608,000)	(4,990,000)	15,795,000	728,000
TNI Partners [Member]
Operating revenue	8,759,000	10,185,000	18,159,000	20,381,000
Operating expenses	6,424,000	7,766,000	13,429,000	15,931,000
Operating income	2,335,000	2,419,000	4,730,000	4,450,000
Company's 50% share of operating income	1,168,000	1,210,000	2,365,000	2,225,000
Less amortization of intangible assets	0	105,000	0	210,000
Equity in earnings	1,168,000	1,105,000	2,365,000	2,015,000
MNI [Member]
Operating revenue	11,024,000	12,325,000	22,946,000	26,250,000
Operating expenses	10,237,000	11,561,000	20,667,000	23,681,000
Operating income	605,000	567,000	1,881,000	2,228,000
Equity in earnings	303,000	257,000	847,000	915,000
Restructuring costs	0	0	106,000	0
Depreciation and amortization	182,000	197,000	292,000	341,000
Net income	$ 605,000	$ 514,000	$ 1,694,000	$ 1,830,000

Note 3 - Investments in Associated Companies - Summarized Financial Results (Details) (Parentheticals)	Mar. 28, 2021	Mar. 29, 2020
TNI Partners [Member]
Percentage of share	50.00%	50.00%

Note 4 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)

6 Months Ended

Mar. 16, 2020

Mar. 28, 2021

Mar. 28, 2020

Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months

$ 22,250,000

Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two

20,427,000

Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Three

18,738,000

Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Four

14,745,000

Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Five

$ 7,651,000

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)

14 years

Goodwill, Acquired During Period

$ 79,896,000

$ 1,759,000

Business Acquisition, Goodwill, Expected Tax Deductible Amount

42,442,000

BHMG [Member] | Advertiser Relationships [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

38,780,000

^[1]

27,620,000

$ 27,620,000

BHMG [Member] | Subscriber Relationships [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

36,060,000

^[1]

27,850,000

BHMG [Member] | Commercial Print Relationships [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

$ 17,130,000

^[1]

19,560,000

$ 19,560,000

BHMG [Member] | Mastheads [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets

$ 20,390,000

[1]	As previously reported in the Company's Quarterly Report on Form 10-Q for the period ended March 29,2020.

Note 4 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($)		6 Months Ended
	Mar. 16, 2020	Mar. 28, 2021
Goodwill, gross amount		$ 1,617,174,000
Accumulated impairment losses		(1,288,729,000)
Goodwill, beginning period		328,445,000
Measurement period adjustments	$ 79,896,000	1,759,000
Goodwill, end of period		$ 330,204,000

Note 4 - Goodwill and Other Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Sep. 27, 2020
Mastheads	$ 40,459	$ 40,459
Other intangible assets, net	168,997	182,680
Customer and Newspaper Subscriber Lists [Member]
Amortizable intangible assets, gross	774,155	774,604
Less accumulated amortization	645,653	632,457
Finite-Lived Intangible Assets, Net, Ending Balance	128,502	142,147
Noncompete Agreements [Member]
Amortizable intangible assets, gross	28,656	28,656
Less accumulated amortization	28,620	28,582
Finite-Lived Intangible Assets, Net, Ending Balance	$ 36	$ 74

Note 5 - Debt (Details Textual) - USD ($)				3 Months Ended	6 Months Ended
Note 5 - Debt (Details Textual) - USD ($)	Mar. 16, 2020	Jan. 29, 2020	Mar. 31, 2014	Mar. 28, 2021	Mar. 28, 2021	Mar. 29, 2020	Sep. 27, 2020
Long-term Debt, Gross	$ 431,502,000
Repayments of Long-term Debt, Total					$ 39,375,000	$ 443,627,000
Pulitzer Excess Cash Flow				$ 13,753,000
Warrants and Rights Outstanding				1,080,000	1,080,000		$ 363,000
Warrants Issued in Connection with Second Lien Term Loan [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)			600,000
Warrants, When Fully Exercised, Percentage of Common Stock Outstanding			10.40%
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 41.90
Warrants and Rights Outstanding			$ 16,930,000
BHMG [Member]
Payments to Acquire Businesses, Gross	$ 140,000,000	$ 140,000,000
Credit Agreement [Member] \| Secured Term Loan [Member] \| BH Finance [Member]
Debt Instrument, Term (Year)	25 years
Debt Instrument, Face Amount	$ 576,000,000
Debt Instrument, Interest Rate, Stated Percentage	9.00%
Long-term Debt, Gross				$ 498,915,000	$ 498,915,000
Weighted Average Cost of Debt, Excluding Amortization of Debt Financing Costs				9.00%	9.00%
Repayments of Long-term Debt, Total				$ 7,500,000
Debt Instrument, Covenant, Percent of Net Cash Proceeds of Property in Excess of $500,000 in 90 Days	100.00%
Debt Instrument, Covenant, Excess Cash Flow, Period After Quarter End (Day)	50 days
Debt Instrument, Covenant, Change of Control, Repayment Percentage	105.00%

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 27, 2020	Mar. 28, 2021
Defined Benefit Plan, Plan Assets, Contributions by Employer		$ 965,000
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year		$ 0
Multiemployer Plans, Withdrawal Obligation	$ 12,310,000
Multiemployer Plans, Withdrawal Obligation, Period (Year)	20 years
Postemployment Retirement Benefits [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	$ 23,830,000
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment	$ 23,830,000

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans - Net Periodic Cost (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Pension Plan [Member]
Service cost for benefits earned during the period	$ 633	$ 103	$ 1,266	$ 111
Interest cost on projected benefit obligation	1,787	1,420	3,574	2,651
Expected return on plan assets	(4,672)	(2,321)	(9,344)	(4,272)
Amortization of net loss	1,005	792	2,009	1,584
Amortization of prior service benefit	(1)	(2)	(1)	(4)
Pension benefit	(1,248)	(8)	(2,496)	70
Postretirement Health Coverage [Member]
Service cost for benefits earned during the period	240	36	450	36
Interest cost on projected benefit obligation	239	110	362	177
Expected return on plan assets	(252)	(265)	(504)	(530)
Amortization of net loss	(172)	(186)	(344)	(372)
Amortization of prior service benefit	(162)	(161)	(323)	(322)
Pension benefit	(107)	(466)	(24,189)	(1,011)
Curtailment gain	$ 0	$ 0	$ (23,830)	$ 0

Note 7 - Acquisitions (Details Textual)				3 Months Ended				6 Months Ended
Note 7 - Acquisitions (Details Textual)	Feb. 25, 2021	Mar. 16, 2020 USD ($)	Jan. 29, 2020 USD ($)	Mar. 28, 2021 USD ($)	Dec. 27, 2020 USD ($)	Mar. 29, 2020 USD ($)	Dec. 29, 2019 USD ($)	Mar. 28, 2021 USD ($)	Mar. 29, 2020 USD ($)
Number of Real Estate Properties		68
Operating Lease, Annual Rent Payable		$ 8,000,000
Operating Lease, Percentage of Net Sales Proceeds		8.00%
Revenue from Contract with Customer, Including Assessed Tax				$ 192,430,000		$ 121,367,000		$ 404,248,000	$ 243,710,000
Net Income (Loss) Attributable to Parent, Total				(1,134,000)	$ 15,902,000	(5,367,000)	$ 5,320,000	14,768,000	(46,000)
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	10
BHMG [Member]
Payments to Acquire Businesses, Gross		$ 140,000,000	$ 140,000,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Income Tax Penalties				634,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Unrecognized Tax Benefits				138,000
Revenue from Contract with Customer, Including Assessed Tax				97,770,000				206,831,000
Net Income (Loss) Attributable to Parent, Total				7,181,000				$ 15,951,000
BHMG [Member] \| Acquisition-related Costs [Member]
Net Income (Loss) Attributable to Parent, Total						$ 8,002,000			$ 8,900,000
BHMG [Member] \| Customer Relationships [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles				$ (710,000)

Note 7 - Acquisitions - Preliminary Determination of Fair Values of Assets and Liabilities (Details) - USD ($)

6 Months Ended

12 Months Ended

Mar. 28, 2020

Mar. 16, 2020

^[1]

Mar. 28, 2021

Mar. 29, 2020

Mar. 28, 2021

Sep. 27, 2020

Goodwill

$ 330,204,000

$ 328,445,000

Total consideration less acquired cash

(0)

$ 130,985,000

BHMG [Member]

Cash and Cash equivalents

$ 22,293,000

Current assets

51,704,000

52,559,000

Current assets, adjustment

(855,000)

Other assets

16,510,000

12,167,000

Other assets, adjustment

4,343,000

Property and equipment

42,985,000

42,952,000

Property and equipment, adjustment

33,000

Operating lease assets

7,546,000

7,445,000

Operating lease assets, adjustment

101,000

Goodwill

79,896,000

63,559,000

Goodwill, adjustment

16,337,000

Total assets

316,354,000

314,625,000

Total assets, adjustment

1,729,000

Current liabilities assumed

(72,377,000)

(73,451,000)

Current liabilities assumed, adjustment

1,074,000

Operating lease liabilities

(7,546,000)

(6,625,000)

Operating lease liabilities, adjustment

(921,000)

Other liabilities assumed

(4,128,000)

(2,246,000)

Other liabilities assumed

(1,882,000)

Pension obligations

(43,503,000)

Postemployment benefit obligations

(36,800,000)

Total liabilities

(164,354,000)

(162,625,000)

Total liabilities, adjustment

(1,729,000)

Net assets

152,000,000

Less: acquired cash

(22,293,000)

Total consideration less acquired cash

129,707,000

BHMG [Member] | Mastheads [Member]

Relationship, adjustment

(1,290,000)

Mastheads

20,390,000

21,680,000

BHMG [Member] | Advertiser Relationships [Member]

Relationships

27,620,000

38,780,000

27,620,000

Relationship, adjustment

(11,160,000)

BHMG [Member] | Subscriber Relationships [Member]

Relationships

27,850,000

36,060,000

27,850,000

Relationship, adjustment

(8,210,000)

BHMG [Member] | Commercial Print Relationships [Member]

Relationships

$ 19,560,000

$ 17,130,000

$ 19,560,000

19,560,000

Relationship, adjustment

$ 2,430,000

[1]	As previously reported in the Company's Quarterly Report on Form 10-Q for the period ended March 29,2020.

Note 7 - Acquisitions - Pro Forma Information (Details) - BHMG [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 28, 2021	Mar. 28, 2021
Total revenues	$ 207,329	$ 442,025
Income (loss) attributable to Lee Enterprises, Incorporated	$ 4,053	$ 20,608
Earnings per share - diluted (in dollars per share)	$ 0.70	$ 3.60

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Note 8 - Income Taxes (Details Textual) - USD ($)	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020	Sep. 27, 2020
Income Tax Expense (Benefit), Total	$ (571,000)	$ (2,331,000)	$ 5,740,000	$ (460,000)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total	$ (1,179,000)	$ (7,321,000)	$ 21,535,000	$ 268,000
Effective Income Tax Rate Reconciliation, Percent, Total	48.40%	31.80%	26.70%	(171.60%)
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total					$ 46,066,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 9 - Earnings Per Common Share (Details Textual)		3 Months Ended		6 Months Ended
Note 9 - Earnings Per Common Share (Details Textual)	Feb. 25, 2021	Mar. 28, 2021 shares	Mar. 29, 2020 shares	Mar. 28, 2021 shares	Mar. 29, 2020 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		600,000	695,430	600,000	639,397
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	10

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				6 Months Ended
	Mar. 28, 2021	Dec. 27, 2020	Mar. 29, 2020	Dec. 29, 2019	Mar. 28, 2021	Mar. 29, 2020
(Loss) Income attributable to Lee Enterprises, Incorporated	$ (1,134)	$ 15,902	$ (5,367)	$ 5,320	$ 14,768	$ (46)
Weighted average common shares (in shares)	5,877		5,814		5,861	5,793
Less weighted average restricted Common Stock (in shares)	(156)		(157)		(155)	(152)
Basic average common shares (in shares)	5,721		5,657		5,706	5,641
Dilutive stock options and restricted Common Stock (in shares)	98		38		75	59
Diluted average common shares (in shares)	5,819		5,695		5,781	5,700
Basic: (in dollars per share)	$ (0.20)		$ (0.95)		$ 2.59	$ (0.01)
Diluted: (in dollars per share)	$ (0.19)		$ (0.94)		$ 2.55	$ (0.01)

- Definition

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

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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.

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+ Details

- Definition

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

+ References

+ Details

Note 10 - Stock Ownership Plans (Details Textual) - Restricted Stock [Member]	6 Months Ended
	Mar. 28, 2021 USD ($)
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 1,320,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 8 months 12 days

Note 10 - Stock Ownership Plans - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Mar. 28, 2021 USD ($) $ / shares shares
Outstanding, Shares (in shares) \| shares	41
Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 11.40
Exercised, Shares (in shares) \| shares	0
Exercised, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 0
Cancelled, Shares (in shares) \| shares	0
Cancelled, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 0
Outstanding, Shares (in shares) \| shares	41
Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 11.40
Outstanding, Weighted Average Remaining Contractual Term (Year)	1 year 2 months 4 days
Outstanding, Aggregate Intrinsic Value \| $	$ 590
Exercisable, Shares (in shares) \| shares	41
Exercisable, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 11.40
Exercisable, Weighted Average Remaining Contractual Term (Year)	1 year 2 months 4 days
Exercisable, Aggregate Intrinsic Value \| $	$ 590

Note 10 - Stock Ownership Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands	6 Months Ended
	Mar. 28, 2021 $ / shares shares
Outstanding, shares (in shares) \| shares	155
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 21.50
Vested, shares (in shares) \| shares	(45)
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 27.70
Granted, shares (in shares) \| shares	46
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 11.20
Cancelled, shares (in shares) \| shares	0
Cancelled, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Outstanding, shares (in shares) \| shares	156
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 16.70

Note 11 - Fair Value of Measurements (Details Textual) - USD ($)	Mar. 28, 2021	Sep. 27, 2020	Mar. 31, 2014
Warrants and Rights Outstanding	$ 1,080,000	$ 363,000
Senior Secured Notes [Member]
Debt Instrument, Face Amount	498,915,000
Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure, Total	$ 4,226,000
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			$ 16,930,000

Note 12 - Commitments and Contingent Liabilities (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Restructuring Charges, Total	$ 1,294,000	$ 1,925,000	$ 4,461,000	$ 3,557,000
Restructuring Reserve, Ending Balance	0		0
Employee Severance [Member]
Restructuring Charges, Total	$ 671,000		$ 3,167,000