0001628280-24-020172 | 10-Q | XBRL Viewer

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 24, 2024	Sep. 24, 2023
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	500	500
Preferred stock, shares issued (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	12,000	12,000
Common stock, shares outstanding (in shares)	6,143	6,063
Common stock, shares issued (in shares)	6,143	6,063
Common Class B
Common stock, par value (in dollars per share)	$ 2	$ 2
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	0	0

Loss Per Common Share

6 Months Ended

Mar. 24, 2024

Earnings Per Share [Abstract]

Loss Per Common Share

LOSS PER COMMON SHARE

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


	Three months ended		Six months ended
(Thousands of Dollars and Shares, Except Per Share Data)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Loss attributable to Lee Enterprises, Incorporated:	(12,179)	(5,885)	(11,491)	(4,786)
Weighted average common shares	6,080	5,996	6,080	6,018
Less weighted average restricted Common Stock	(170)	(173)	(170)	(172)
Basic average common shares	5,910	5,823	5,910	5,846
Dilutive restricted Common Stock	—	—	—	—
Diluted average common shares	5,910	5,823	5,910	5,846
Loss per common share:
Basic	(2.06)	(1.01)	(1.94)	(0.82)
Diluted	(2.06)	(1.01)	(1.94)	(0.82)

For the three months ended March 24, 2024 and March 26, 2023, 66,249 and 68,186 shares, respectively, were not considered in the computation of diluted earnings per common share because their inclusion would result in an anti-dilutive effect on per share amounts. For the six months ended March 24, 2024 and March 26, 2023, 66,249 and 68,186 shares, respectively, were not considered in the computation of diluted earnings per common share because their inclusion would result in an anti-dilutive effect on per share amounts.

Rights Agreement

On March 28, 2024, our Board of Directors adopted a stockholder rights plan (the “Rights Agreement”). Pursuant to the Rights Agreement, on March 28, 2024, our Board of Directors declared a dividend of one preferred share purchase right (a “Right”), payable on April 8, 2024, for each share of our Common Stock outstanding to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Participating Convertible Preferred Stock, without par value (the “Preferred Shares”), of the Company at a price of $90.00 per one one-thousandth of a Preferred Share represented by a Right, subject to adjustment.

The Rights will initially trade with our Common Stock and will generally become exercisable only if any person or group, other than certain exempt persons, acquires beneficial ownership of 15% or more of our Common Stock outstanding. In the event the Rights become exercisable, each holder of a Right, other than the triggering person(s), will be entitled to purchase additional shares of our Common Stock at a 50% discount or the Company may exchange each Right held by such holders for one share of our Common Stock. The Rights Agreement will continue in effect until March 27, 2025, or unless earlier redeemed or terminated by the Company, as provided in the Rights Agreement. The Rights have no voting or dividend privileges, and, unless and until they become exercisable, have no dilutive effect on the earnings of the Company.

The Rights Agreement applies equally to all current and future stockholders and is not intended to deter offers or preclude our Board of Directors from considering acquisition proposals that are fair and otherwise in the best interest of our stockholders. However, the overall effect of the Rights Agreement may render it more difficult or discourage a merger, tender offer, or other business combination involving us that is not supported by our Board of Directors.

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Mar. 24, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and identified intangible assets consist of the following:


(Thousands of Dollars)	March 24, 2024	September 24, 2023

Goodwill, beginning of period	329,504	329,504
Allocated to sold operations	(1,261)	—
Goodwill, end of period	328,243	329,504
Non-amortized intangible assets:
Mastheads	11,096	18,675
Amortizable intangible assets:
Customer and newspaper subscriber lists	305,100	306,766
Less accumulated amortization	(238,009)	(230,453)
	67,091	76,313
Total intangibles, net	406,430	424,492

Goodwill and Other Intangible Assets - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 24, 2024 USD ($)	Sep. 24, 2023 USD ($)	Mar. 24, 2024 USD ($)	Sep. 24, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)			11 years
Allocated to sold operations			$ 1,261	$ 0
Impairment of intangible assets (excluding goodwill)	$ 7,600	$ 7,700
Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.125		0.125
Minimum \| Measurement Input, Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0		0
Maximum \| Measurement Input, Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.010		0.010

Loss Per Common Share - Narrative (Details)	3 Months Ended		6 Months Ended
Loss Per Common Share - Narrative (Details)	Mar. 24, 2024 shares	Mar. 26, 2023 shares	Mar. 24, 2024 shares	Mar. 26, 2023 shares	Mar. 28, 2024 $ / shares shares
Subsequent Event [Line Items]
Anti-dilutive shares excluded (in shares)	66,249	68,186	66,249	68,186
Rights Agreement \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared, number of preferred share purchase rights					1
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares					$ 90.00
Class of warrant or right, number of securities called by each warrant or right (in shares)					0.001
Preferred share purchase rights, terms of exercisability, ownership percentage					0.15
Preferred share purchase rights, discount rate for purchase of additional shares, percentage					0.50
Preferred stock purchase rights, number of common shares issued in lieu of discount					1

Income Taxes (Details) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) $ in Thousands	Mar. 24, 2024 USD ($) jurisdiction	Mar. 26, 2023 USD ($)	Mar. 24, 2024 USD ($) jurisdiction	Mar. 26, 2023 USD ($)
Income Tax Disclosure [Abstract]
Income tax benefit	$ (2,837)	$ (2,071)	$ (2,589)	$ (1,631)
Income before taxes	$ (14,500)	$ (7,400)	$ (13,000)	$ (5,200)
Effective income tax rate	19.60%	27.80%	19.90%	31.50%
Number of state and local jurisdictions \| jurisdiction	27		27

- Definition

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

+ References + Details

Investments In Associated Companies (Tables)

6 Months Ended

Mar. 24, 2024

Equity Method Investments and Joint Ventures [Abstract]

Summarized Results of TNI and MNI

Summarized results of TNI are as follows:


	Three months ended		Six months ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Operating revenue	7,360	8,169	14,351	16,710
Operating expenses	5,450	6,889	10,131	13,364
Operating income	1,910	1,280	4,220	3,346
Net income	1,910	1,137	4,220	3,666
Equity in earnings of TNI	955	569	2,110	1,833

Summarized results of MNI are as follows:


	Three months ended		Six months ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Operating revenue	9,822	10,603	20,424	22,507
Operating expenses, excluding restructuring costs, depreciation and amortization	7,636	8,681	15,446	18,026
Restructuring costs	48	101	109	127
Depreciation and amortization	120	135	240	273
Operating income	2,018	1,686	4,629	4,081
Net income	502	207	1,274	1,014
Equity in earnings of MNI	251	104	637	507

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 24, 2024	Mar. 26, 2023	Mar. 24, 2024	Mar. 26, 2023
Operating revenue:
Total operating revenue	$ 146,550	$ 170,687	$ 302,228	$ 355,818
Operating expenses:
Compensation	56,803	68,831	116,479	144,277
Newsprint and ink	4,162	6,466	9,005	13,898
Other operating expenses	72,294	82,569	147,070	169,343
Depreciation and amortization	7,293	7,733	14,588	15,619
Assets loss (gain) on sales, impairments and other, net	7,617	(792)	6,148	(3,355)
Restructuring costs and other	4,139	3,694	8,404	4,340
Total operating expenses	152,308	168,501	301,694	344,122
Equity in earnings of associated companies	1,206	672	2,747	2,340
Operating (loss) income	(4,552)	2,858	3,281	14,036
Non-operating (expense) income:
Interest expense	(10,214)	(10,501)	(20,345)	(20,909)
Pension and OPEB related benefit and other, net	293	206	479	1,700
Curtailment/Settlement gains	0	0	3,593	0
Total non-operating expense, net	(9,921)	(10,295)	(16,273)	(19,209)
Loss before income taxes	(14,473)	(7,437)	(12,992)	(5,173)
Income tax benefit	(2,837)	(2,071)	(2,589)	(1,631)
Net loss	(11,636)	(5,366)	(10,403)	(3,542)
Net income attributable to non-controlling interests	(543)	(519)	(1,088)	(1,244)
Loss attributable to Lee Enterprises, Incorporated	(12,179)	(5,885)	(11,491)	(4,786)
Other comprehensive loss, net of income taxes	(148)	(140)	(2,462)	(280)
Comprehensive loss attributable to Lee Enterprises, Incorporated	$ (12,327)	$ (6,025)	$ (13,953)	$ (5,066)
Loss per common share:
Basic (in dollars per share)	$ (2.06)	$ (1.01)	$ (1.94)	$ (0.82)
Diluted (in dollars per share)	$ (2.06)	$ (1.01)	$ (1.94)	$ (0.82)
Advertising and marketing services
Operating revenue:
Total operating revenue	$ 64,134	$ 77,700	$ 135,021	$ 167,285
Subscription
Operating revenue:
Total operating revenue	69,227	78,582	140,566	158,281
Other
Operating revenue:
Total operating revenue	$ 13,189	$ 14,405	$ 26,641	$ 30,252

Commitments and Contingent Liabilities	6 Months Ended
Commitments and Contingent Liabilities	Mar. 24, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	COMMITMENTS AND CONTINGENT LIABILITIES 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.

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Mar. 24, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 24, 2024, 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 2023 Annual Report on Form 10-K. The Company's fiscal year ends on the last Sunday in September. Fiscal year 2024 ends September 29, 2024, and fiscal year 2023 ended September 24, 2023. Fiscal year 2024 includes 53 weeks of operations and 2023 included 52 weeks of operations. Because of seasonal and other factors, the results of operations for the three and six months ended March 24, 2024, are not necessarily indicative of the results to be expected for the full year. The Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries, as well as our 82.5% interest in INN Partners, L.C. (“BLOX Digital" formerly "TownNews”). Our 50% interest in TNI Partners ("TNI") and our 50% interest in Madison Newspapers, Inc. ("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. In 2024, certain prior period amounts within the consolidated financial statements have been adjusted to conform with current period presentation. These matters did not change operating revenues, net income (loss), accumulated deficit, and earnings per share in all periods presented.

Basis of Presentation and Summary of Significant Accounting Policies (Details)	Mar. 24, 2024
TNI Partners
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	50.00%
MNI
Noncontrolling Interest [Line Items]
Equity method investment, ownership percentage	50.00%
INN Partners, L.C.
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent	82.50%

Pension, Postretirement and Postemployment Defined Benefit Plans - Narrative (Details)	3 Months Ended		6 Months Ended
	Mar. 24, 2024 USD ($) plan participant	Mar. 26, 2023 USD ($)	Mar. 24, 2024 USD ($) plan participant	Mar. 26, 2023 USD ($)	Sep. 24, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	1		1
Multiemployer plans, withdrawal obligation	$ 24,300,000		$ 24,300,000		$ 25,100,000
Multiemployer plans, withdrawal obligation, period (years)			20 years
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, benefit obligation, voluntary settlement, number of participants \| participant	522		522
Defined benefit plan, benefit obligation, lump sum payment for settlement	$ 22,600,000		$ 22,600,000
Settlement gain	0	$ 0	2,409,000	$ 0
Defined benefit plan, plan assets, period increase (decrease)			(22,600,000)
Defined benefit plan, plan assets, contributions by employer			0	0
Defined benefit plan, expected future employer contributions, next fiscal year	0		0
Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Curtailment gain	$ 0	$ 0	$ 1,184,000	$ 0

Pension, Postretirement and Postemployment Defined Benefit Plans (Tables)

6 Months Ended

Mar. 24, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Pension and Postretirement Cost (Benefit) Components

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


PENSION PLANS	Three months ended		Six months ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Service cost for benefits earned during the period	1	5	2	10
Interest cost on projected benefit obligation	2,253	2,592	4,768	5,184
Expected return on plan assets	(2,310)	(2,548)	(4,763)	(5,096)
Amortization of net (gain) loss	(1)	2	(3)	4
Amortization of prior service benefit	212	213	424	426
Settlement gain	—	—	(2,409)	—
Net periodic pension (benefit) cost	155	264	(1,981)	528


POSTRETIREMENT MEDICAL PLANS	Three months ended		Six months ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Service cost for benefits earned during the period	13	17	25	34
Interest cost on projected benefit obligation	149	149	298	298
Expected return on plan assets	(320)	(295)	(639)	(590)
Amortization of net gain	(308)	(254)	(617)	(508)
Amortization of prior service benefit	(94)	(162)	(188)	(324)
Curtailment gain	—	—	(1,184)	—
Net periodic postretirement benefit	(560)	(545)	(2,305)	(1,090)

Investments In Associated Companies

6 Months Ended

Mar. 24, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments In Associated Companies

INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Gannett Co., Inc.'s subsidiary Citizen Publishing Company (“Citizen”), 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:


	Three months ended		Six months ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Operating revenue	7,360	8,169	14,351	16,710
Operating expenses	5,450	6,889	10,131	13,364
Operating income	1,910	1,280	4,220	3,346
Net income	1,910	1,137	4,220	3,666
Equity in earnings of TNI	955	569	2,110	1,833

TNI makes periodic distributions of its earnings and for the three months ended March 24, 2024, and March 26, 2023, we received $0.9 million and $1.4 million in distributions, respectively. In the six months ended March 24, 2024 and March 26, 2023, we received $2.1 million and $2.3 million 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:


	Three months ended		Six months ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Operating revenue	9,822	10,603	20,424	22,507
Operating expenses, excluding restructuring costs, depreciation and amortization	7,636	8,681	15,446	18,026
Restructuring costs	48	101	109	127
Depreciation and amortization	120	135	240	273
Operating income	2,018	1,686	4,629	4,081
Net income	502	207	1,274	1,014
Equity in earnings of MNI	251	104	637	507

MNI makes periodic distributions of its earnings and in the three months ended March 24, 2024 and March 26, 2023, we received $0.2 million and $0.1 million in distributions, respectively. In the six months ended March 24, 2024 and March 26, 2023, we received distributions of $0.6 million and $0.4 million, respectively.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 24, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 24, 2024, 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 2023 Annual Report on Form 10-K. The Company's fiscal year ends on the last Sunday in September. Fiscal year 2024 ends September 29, 2024, and fiscal year 2023 ended September 24, 2023. Fiscal year 2024 includes 53 weeks of operations and 2023 included 52 weeks of operations. Because of seasonal and other factors, the results of operations for the three and six months ended March 24, 2024, are not necessarily indicative of the results to be expected for the full year. The Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries, as well as our 82.5% interest in INN Partners, L.C. (“BLOX Digital" formerly "TownNews”). Our 50% interest in TNI Partners ("TNI") and our 50% interest in Madison Newspapers, Inc. ("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. In 2024, certain prior period amounts within the consolidated financial statements have been adjusted to conform with current period presentation. These matters did not change operating revenues, net income (loss), accumulated deficit, and earnings per share in all periods presented.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 24, 2024	Mar. 26, 2023	Mar. 24, 2024	Mar. 26, 2023
Operating revenue:
Total operating revenue	$ 146,550	$ 170,687	$ 302,228	$ 355,818
Advertising and marketing services revenue
Operating revenue:
Total operating revenue	64,134	77,700	135,021	167,285
Advertising and marketing services revenue \| Print advertising revenue
Operating revenue:
Total operating revenue	18,742	31,450	43,177	73,286
Advertising and marketing services revenue \| Digital advertising revenue
Operating revenue:
Total operating revenue	45,392	46,250	91,844	93,999
Subscription revenue
Operating revenue:
Total operating revenue	69,227	78,582	140,566	158,281
Subscription revenue \| Print advertising revenue
Operating revenue:
Total operating revenue	48,966	64,586	100,838	131,956
Subscription revenue \| Digital advertising revenue
Operating revenue:
Total operating revenue	20,261	13,996	39,728	26,325
Other revenue
Operating revenue:
Total operating revenue	13,189	14,405	26,641	30,252
Other revenue \| Print advertising revenue
Operating revenue:
Total operating revenue	8,069	9,649	16,561	20,769
Other revenue \| Digital advertising revenue
Operating revenue:
Total operating revenue	$ 5,120	$ 4,756	$ 10,080	$ 9,483

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Pension, Postretirement and Postemployment Defined Benefit Plans

6 Months Ended

Mar. 24, 2024

Retirement Benefits [Abstract]

Pension, Postretirement and Postemployment Defined Benefit Plans

PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS

We have one defined benefit pension plan that covers certain employees, including plans established under collective bargaining agreements. Additionally, we provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. Through March 24, 2024, our liability and related expense for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations.

During the six months ended March 24, 2024, the Company offered a voluntary lump sum payment of future benefits to terminated vested participants in the defined benefit pension plan. The offer was accepted by 522 participants, representing a $22.6 million settlement of related pension plan liability. The Company recognized a non-cash settlement gain of $2.4 million, which is reflected within "Curtailment/Settlement gains" on the Consolidated Statements of Loss and Comprehensive Loss. Pension plan assets and liabilities were reduced by $22.6 million.

During the six months ended March 24, 2024, the Company completed the outsourcing of certain printing operations, which ceased postretirement medical benefits for a group of employees. The Company recognized a non-cash curtailment gain of $1.2 million which is reflected within "Curtailment/Settlement gains" on the Consolidated Statements of Loss and Comprehensive Loss.

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


PENSION PLANS	Three months ended		Six months ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Service cost for benefits earned during the period	1	5	2	10
Interest cost on projected benefit obligation	2,253	2,592	4,768	5,184
Expected return on plan assets	(2,310)	(2,548)	(4,763)	(5,096)
Amortization of net (gain) loss	(1)	2	(3)	4
Amortization of prior service benefit	212	213	424	426
Settlement gain	—	—	(2,409)	—
Net periodic pension (benefit) cost	155	264	(1,981)	528


POSTRETIREMENT MEDICAL PLANS	Three months ended		Six months ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Service cost for benefits earned during the period	13	17	25	34
Interest cost on projected benefit obligation	149	149	298	298
Expected return on plan assets	(320)	(295)	(639)	(590)
Amortization of net gain	(308)	(254)	(617)	(508)
Amortization of prior service benefit	(94)	(162)	(188)	(324)
Curtailment gain	—	—	(1,184)	—
Net periodic postretirement benefit	(560)	(545)	(2,305)	(1,090)

In the six months ended March 24, 2024 and March 26, 2023, we made no contributions to our pension plans. We have no required contributions to our pension plans for 2024.

Multiemployer Pension Plans

In prior periods, the Company effectuated withdrawals from several multiemployer plans. As of March 24, 2024 and September 24, 2023, we had $24.3 million and $25.1 million of accrued withdrawal liabilities. The liabilities reflect the estimated value of payments to the fund, payable over 20-years.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Debt (Details) - USD ($) $ in Thousands	6 Months Ended
Debt (Details) - USD ($) $ in Thousands	Mar. 24, 2024	Mar. 26, 2023
Debt Instrument [Line Items]
Principal payments on long-term debt	$ 2,097	$ 2,560
Credit Agreement \| Secured Term Loan \| BH Finance
Debt Instrument [Line Items]
Long-term debt, term (years)	25 years
Long-term debt	$ 453,600
Long-term debt, interest rate	9.00%
Principal payments on long-term debt	$ 2,100
Credit Agreement \| Secured Term Loan \| BH Finance \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 387,500

Revenue - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 24, 2024	Sep. 24, 2023
Revenue from Contract with Customer [Abstract]
Contract liability revenue recognized	$ 34.4
Accounts receivable, excluding allowance for credit loss	65.7	$ 74.4
Allowance for credit loss	$ 6.5	$ 5.3

Loss Per Common Share (Tables)

6 Months Ended

Mar. 24, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three months ended		Six months ended
(Thousands of Dollars and Shares, Except Per Share Data)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Loss attributable to Lee Enterprises, Incorporated:	(12,179)	(5,885)	(11,491)	(4,786)
Weighted average common shares	6,080	5,996	6,080	6,018
Less weighted average restricted Common Stock	(170)	(173)	(170)	(172)
Basic average common shares	5,910	5,823	5,910	5,846
Dilutive restricted Common Stock	—	—	—	—
Diluted average common shares	5,910	5,823	5,910	5,846
Loss per common share:
Basic	(2.06)	(1.01)	(1.94)	(0.82)
Diluted	(2.06)	(1.01)	(1.94)	(0.82)

Income Taxes	6 Months Ended
Income Taxes	Mar. 24, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES We recorded an income tax benefit of $2.8 million related to loss before taxes of $14.5 million for the three months ended March 24, 2024, and an income tax benefit of $2.6 million related to loss before income taxes of $13.0 million for the six months ended March 24, 2024. We recorded an income tax benefit of $2.1 million related to loss before taxes of $7.4 million for the three months ended March 26, 2023, and an income tax benefit of $1.6 million related to a loss before income taxes of $5.2 million for the six months ended March 26, 2023. The effective income tax rate for the three and six months ended March 24, 2024, was 19.6% and 19.9%, respectively. The effective income tax rate for the three and six months ended March 26, 2023, were 27.8% and 31.5%, respectively. The primary differences between these rates and the U.S. federal statutory rate of 21% are because of state taxes, non-deductible expenses and adjustments to reserves for uncertain tax positions, including any related interest. 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 2015.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loss 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. 24, 2024	Dec. 24, 2023	Mar. 26, 2023	Dec. 25, 2022	Mar. 24, 2024	Mar. 26, 2023
Earnings Per Share [Abstract]
Loss attributable to Lee Enterprises, Incorporated:	$ (12,179)	$ 688	$ (5,885)	$ 1,099	$ (11,491)	$ (4,786)
Weighted average common shares (in shares)	6,080		5,996		6,080	6,018
Less weighted average restricted Common Stock (in shares)	(170)		(173)		(170)	(172)
Basic average common shares (in shares)	5,910		5,823		5,910	5,846
Dilutive stock options and restricted Common Stock (in shares)	0		0		0	0
Diluted average common shares (in shares)	5,910		5,823		5,910	5,846
Loss per common share:
Basic (in dollars per share)	$ (2.06)		$ (1.01)		$ (1.94)	$ (0.82)
Diluted (in dollars per share)	$ (2.06)		$ (1.01)		$ (1.94)	$ (0.82)

Revenue

6 Months Ended

Mar. 24, 2024

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The following table presents our revenue disaggregated by source:


	Three months Ended		Six months Ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Operating revenue:
Print advertising revenue	18,742	31,450	43,177	73,286
Digital advertising revenue	45,392	46,250	91,844	93,999
Advertising and marketing services revenue	64,134	77,700	135,021	167,285
Print subscription revenue	48,966	64,586	100,838	131,956
Digital subscription revenue	20,261	13,996	39,728	26,325
Subscription revenue	69,227	78,582	140,566	158,281
Print other revenue	8,069	9,649	16,561	20,769
Digital other revenue	5,120	4,756	10,080	9,483
Other revenue	13,189	14,405	26,641	30,252
Total operating revenue	146,550	170,687	302,228	355,818

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 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. Revenue recognized in the six months ended March 24, 2024, that was included in the contract liability as of September 24, 2023, was $34.4 million.

Accounts receivable, excluding allowance for credit losses was $65.7 million and $74.4 million as of March 24, 2024, and September 24, 2023, respectively. Allowance for credit losses was $6.5 million and $5.3 million as of March 24, 2024, and September 24, 2023, respectively.

Sales commissions are expensed as incurred as the associated contractual periods are one year or less. These costs are recorded within compensation. Most 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Debt	6 Months Ended
Debt	Mar. 24, 2024
Debt Disclosure [Abstract]
Debt	DEBT The Company has debt consisting of a single 25-year term loan with BH Finance LLC, with an aggregate principal balance of $453.6 million at a 9% annual fixed rate and maturing on March 16, 2045 (referred to herein as “Credit Agreement” and “Term Loan”). On March 24, 2024, the fair value was $387.5 million, representing a Level 2 fair value measurement, which are fair values estimated using significant other observable inputs. During the six months ended March 24, 2024, we made $2.1 million principal debt payments as a result of non-core asset sales. Future payments are contingent on the Company's ability to generate future excess cash flow, as defined in the Credit Agreement. As of March 24, 2024, there was no excess cash flow payment due.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Mar. 24, 2024	Mar. 26, 2023
Cash provided by operating activities:
Net loss	$ (10,403)	$ (3,542)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	14,588	15,619
Bad debt expense	6,579	3,236
Curtailment/Settlement gain	(3,593)	0
Stock compensation expense	715	922
Assets (loss) gain on sales, impairments and other, net	6,148	(3,355)
Earnings, net of distributions, deemed returns on investment of TNI and MNI	(26)	374
Gain on sale of investment	0	(1,408)
Deferred income taxes	(577)	(368)
Return of letters of credit collateral	0	778
Other, net	(1,036)	(895)
Changes in operating assets and liabilities:
Increase (decrease) in receivables	3,022	(1,516)
Decrease in inventories and other	(110)	(1,921)
Decrease in accounts payable and other accrued liabilities	(506)	(4,977)
Decrease in pension and other postretirement and postemployment benefit obligations	(1,195)	(37)
Change in income taxes payable	(8,944)	239
Other	(1,382)	(2,128)
Net cash provided by operating activities	3,280	1,021
Cash provided by investing activities:
Purchases of property and equipment	(2,978)	(2,279)
Proceeds from sales of assets	3,155	5,309
Other, net	(22)	1,619
Net cash provided by investing activities	155	4,649
Cash required for financing activities:
Principal payments on long-term debt	(2,097)	(2,560)
Common stock transactions, net	221	(265)
Net cash required for financing activities	(1,876)	(2,825)
Net increase in cash and cash equivalents	1,559	2,845
Cash and cash equivalents:
Beginning of period	14,548	16,185
End of period	$ 16,107	$ 19,030

Investments In Associated Companies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 24, 2024	Mar. 26, 2023	Mar. 24, 2024	Mar. 26, 2023
MNI
Schedule of Equity Method Investments [Line Items]
Equity method investments, ownership percentage	50.00%		50.00%
TNI Partners
Schedule of Equity Method Investments [Line Items]
Distribution from equity method investments	$ 0.9	$ 1.4	$ 2.1	$ 2.3
MNI
Schedule of Equity Method Investments [Line Items]
Distribution from equity method investments	$ 0.2	$ 0.1	$ 0.6	$ 0.4

Goodwill and Other Intangible Assets -Schedule of Goodwill and Identified Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Mar. 24, 2024	Sep. 24, 2023
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 329,504	$ 329,504
Allocated to sold operations	(1,261)	0
Goodwill, end of period	328,243	329,504
Amortizable intangible assets:
Total intangibles, net	406,430	424,492
Customer and newspaper subscriber lists
Amortizable intangible assets:
Customer and newspaper subscriber lists	305,100	306,766
Less accumulated amortization	(238,009)	(230,453)
Amortizable intangible assets, net	67,091	76,313
Mastheads
Non-amortized intangible assets:
Mastheads	$ 11,096	$ 18,675

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Accumulated Deficit	Common Stock	Additional paid-in capital	Accumulated Other Comprehensive Income
Beginning Balance at Sep. 25, 2022	$ 15,005	$ (261,229)	$ 60	$ 259,521	$ 16,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares redeemed	(383)			(383)
Income (loss) attributable to Lee Enterprises, Incorporated	1,099	1,099
Stock compensation	349			349
Other comprehensive loss	(200)				(200)
Deferred income taxes, net	60				60
Ending Balance at Dec. 25, 2022	15,930	(260,130)	60	259,487	16,513
Beginning Balance at Sep. 25, 2022	15,005	(261,229)	60	259,521	16,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Income (loss) attributable to Lee Enterprises, Incorporated	(4,786)
Ending Balance at Mar. 26, 2023	10,382	(266,015)	60	259,964	16,373
Beginning Balance at Dec. 25, 2022	15,930	(260,130)	60	259,487	16,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares redeemed	(97)			(97)
Income (loss) attributable to Lee Enterprises, Incorporated	(5,885)	(5,885)
Stock compensation	574			574
Other comprehensive loss	(200)				(200)
Deferred income taxes, net	60				60
Ending Balance at Mar. 26, 2023	10,382	(266,015)	60	259,964	16,373
Beginning Balance at Sep. 24, 2023	21,240	(266,496)	61	260,832	26,843
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares redeemed	(96)			(96)
Income (loss) attributable to Lee Enterprises, Incorporated	688	688
Stock compensation	214			214
Other comprehensive loss	(2,286)				(2,286)
Deferred income taxes, net	(28)				(28)
Ending Balance at Dec. 24, 2023	19,732	(265,808)	61	260,950	24,529
Beginning Balance at Sep. 24, 2023	21,240	(266,496)	61	260,832	26,843
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Income (loss) attributable to Lee Enterprises, Incorporated	(11,491)
Ending Balance at Mar. 24, 2024	7,906	(277,987)	61	261,451	24,381
Beginning Balance at Dec. 24, 2023	19,732	(265,808)	61	260,950	24,529
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Income (loss) attributable to Lee Enterprises, Incorporated	(12,179)	(12,179)
Stock compensation	501			501
Other comprehensive loss	(192)				(192)
Deferred income taxes, net	44				44
Ending Balance at Mar. 24, 2024	$ 7,906	$ (277,987)	$ 61	$ 261,451	$ 24,381

- Definition

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

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

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Pension, Postretirement and Postemployment Defined Benefit Plans - Net Periodic Cost (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 24, 2024	Mar. 26, 2023	Mar. 24, 2024	Mar. 26, 2023
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned during the period	$ 1	$ 5	$ 2	$ 10
Interest cost on projected benefit obligation	2,253	2,592	4,768	5,184
Expected return on plan assets	(2,310)	(2,548)	(4,763)	(5,096)
Amortization of net (gain) loss	(1)	2	(3)	4
Amortization of prior service benefit	212	213	424	426
Settlement gain	0	0	(2,409)	0
Pension and postretirement medical benefit	155	264	(1,981)	528
Postretirement Medical Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned during the period	13	17	25	34
Interest cost on projected benefit obligation	149	149	298	298
Expected return on plan assets	(320)	(295)	(639)	(590)
Amortization of net (gain) loss	(308)	(254)	(617)	(508)
Amortization of prior service benefit	(94)	(162)	(188)	(324)
Pension and postretirement medical benefit	$ (560)	$ (545)	$ (2,305)	$ (1,090)

Revenue (Tables)

6 Months Ended

Mar. 24, 2024

Revenue from Contract with Customer [Abstract]

Revenue Disaggregated by Source

The following table presents our revenue disaggregated by source:


	Three months Ended		Six months Ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Operating revenue:
Print advertising revenue	18,742	31,450	43,177	73,286
Digital advertising revenue	45,392	46,250	91,844	93,999
Advertising and marketing services revenue	64,134	77,700	135,021	167,285
Print subscription revenue	48,966	64,586	100,838	131,956
Digital subscription revenue	20,261	13,996	39,728	26,325
Subscription revenue	69,227	78,582	140,566	158,281
Print other revenue	8,069	9,649	16,561	20,769
Digital other revenue	5,120	4,756	10,080	9,483
Other revenue	13,189	14,405	26,641	30,252
Total operating revenue	146,550	170,687	302,228	355,818

Goodwill and Other Intangible Assets

6 Months Ended

Mar. 24, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and identified intangible assets consist of the following:


(Thousands of Dollars)	March 24, 2024	September 24, 2023

Goodwill, beginning of period	329,504	329,504
Allocated to sold operations	(1,261)	—
Goodwill, end of period	328,243	329,504
Non-amortized intangible assets:
Mastheads	11,096	18,675
Amortizable intangible assets:
Customer and newspaper subscriber lists	305,100	306,766
Less accumulated amortization	(238,009)	(230,453)
	67,091	76,313
Total intangibles, net	406,430	424,492

The weighted average amortization period for amortizable assets is approximately eleven years.

During the six months ended March 24, 2024, the Company sold non-core operations. Goodwill was allocated to these operations, which totaled $1.3 million.

The Company reviews property, plant and equipment, goodwill and non-amortized intangible assets, which include only newspaper mastheads, for impairment annually on the first day of the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset may be impaired in

accordance with Accounting Standards Codification ("ASC") 350, Intangibles - Goodwill and Other and ASC 360, Property, Plant and Equipment. All of the Company’s goodwill is attributed to the single reporting unit. There was no impairment related to goodwill in 2023. Impairment losses related to mastheads totaled $7.7 million were recorded in the fourth quarter of 2023.

During the second quarter of 2024, the Company identified the continuing decline of revenues as a triggering event. Consequently, non-cash charges of $7.6 million were recorded to reduce the carrying value of mastheads, which are non-amortized intangible assets. No impairment related to goodwill or property, plant and equipment was identified during this period. The fair value of these mastheads were determined using the relief from royalty method and includes Level 3 inputs, which are fair values estimated using significant unobservable inputs. The key assumptions used in the fair value estimates under the relief from royalty method are revenue and market growth, royalty rates for newspaper mastheads, estimated tax rates, and appropriate risk-adjusted weighted cost of capital. The royalty rates utilized range from 0% to 1.0%. The weighted average cost of capital utilized is 12.5%. Such charges are recorded in assets loss (gain) on sales, impairments and other, net in the Consolidated Statements of loss and Comprehensive loss.

Investments In Associated Companies - Summarized Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 24, 2024	Mar. 26, 2023	Mar. 24, 2024	Mar. 26, 2023
Schedule of Equity Method Investments [Line Items]
Operating revenue	$ 146,550	$ 170,687	$ 302,228	$ 355,818
Operating expenses	152,308	168,501	301,694	344,122
Restructuring costs	4,139	3,694	8,404	4,340
Depreciation and amortization	7,293	7,733	14,588	15,619
Operating income	(4,552)	2,858	3,281	14,036
Net income	(11,636)	(5,366)	(10,403)	(3,542)
Equity in earnings of associated companies	1,206	672	2,747	2,340
TNI Partners
Schedule of Equity Method Investments [Line Items]
Operating revenue	7,360	8,169	14,351	16,710
Operating expenses	5,450	6,889	10,131	13,364
Operating income	1,910	1,280	4,220	3,346
MNI
Schedule of Equity Method Investments [Line Items]
Operating revenue	9,822	10,603	20,424	22,507
Operating expenses	7,636	8,681	15,446	18,026
Restructuring costs	48	101	109	127
Depreciation and amortization	120	135	240	273
Operating income	2,018	1,686	4,629	4,081
Net income	502	207	1,274	1,014
TNI Partners
Schedule of Equity Method Investments [Line Items]
Net income	1,910	1,137	4,220	3,666
Equity in earnings of associated companies	955	569	2,110	1,833
MNI
Schedule of Equity Method Investments [Line Items]
Equity in earnings of associated companies	$ 251	$ 104	$ 637	$ 507

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Mar. 24, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 24, 2024
Document Transition Report	false
Entity File Number	1-6227
Entity Registrant Name	LEE ENTERPRISES, INC
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,143,119
Entity Central Index Key	0000058361
Current Fiscal Year End Date	--09-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	LEE
Security Exchange Name	NASDAQ
Preferred Share Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
Trading Symbol	LEE
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 24, 2024	Sep. 24, 2023
Current assets:
Cash and cash equivalents	$ 16,107	$ 14,548
Accounts receivable, net	59,186	69,104
Inventories	6,699	7,504
Prepaid and other current assets	20,045	15,373
Total current assets	102,037	106,529
Investments:
Associated companies	27,826	27,819
Other	5,555	5,572
Total investments	33,381	33,391
Property and equipment:
Land and improvements	12,324	12,366
Buildings and improvements	82,805	83,140
Equipment	206,055	213,714
Construction in process	2,615	2,453
Property and equipment, gross	303,799	311,673
Less accumulated depreciation	245,396	250,439
Property and equipment, net	58,403	61,234
Operating lease right-of-use assets	37,087	40,822
Goodwill	328,243	329,504
Other intangible assets, net	78,187	94,988
Other	13,985	12,741
Total assets	684,807	711,617
Current liabilities:
Current portion of lease liabilities	7,431	7,755
Accounts payable	31,685	36,290
Compensation and other accrued liabilities	31,443	29,448
Unearned revenue	38,391	40,843
Total current liabilities	108,950	114,336
Long-term debt, net of current maturities	453,644	455,741
Operating lease liabilities	32,795	36,580
Pension obligations	535	586
Postretirement and postemployment benefit obligations	7,433	8,618
Deferred income taxes	40,759	41,351
Income taxes payable	6,222	5,809
Withdrawal liabilities and other	24,048	24,890
Total liabilities	674,386	687,911
Stockholders' equity:
Serial convertible preferred stock, no par value; authorized 500 shares; none issued	0	0
Additional paid-in capital	261,451	260,832
Accumulated deficit	(277,987)	(266,496)
Accumulated other comprehensive income	24,381	26,843
Total stockholders' equity	7,906	21,240
Non-controlling interests	2,515	2,466
Total equity	10,421	23,706
Total liabilities and equity	684,807	711,617
Common Class A
Stockholders' equity:
Common stock	61	61
Common Class B
Stockholders' equity:
Common stock	0	0
Pension Plan
Property and equipment:
Pension and medical plan assets	11,151	10,843
Medical Plan
Property and equipment:
Pension and medical plan assets	$ 22,333	$ 21,565