Lee Enterprises to Buy Pulitzer Inc. - Los Angeles Times
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Lee Enterprises to Buy Pulitzer Inc.

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From Reuters

Midwest newspaper publisher Lee Enterprises Inc. is buying Pulitzer Inc. for about $1.4 billion in cash, in a deal that would make it the country’s fourth-largest owner of daily newspapers.

Lee, based in Davenport, Iowa, said the $64-a-share purchase would allow it to move into new markets such as St. Louis, where Pulitzer publishes the St. Louis Post-Dispatch.

The purchase would increase Lee’s holdings to 58 daily papers in 23 states and raise its total daily circulation to 1.7 million.

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The companies said Lee would receive cash and marketable securities from Pulitzer valued at $290 million and assume $306 million in debt.

They expect the deal, which would increase Lee’s revenue by 60%, to close in the second quarter.

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