• by Ray Schultz , September 28, 2022

Investment “activist” Mason P. Slaine has taken a 5% stake in Lee Enterprises, and wants to speak to the company about taking it private, claiming that would raise shareholder value, according to Nasdaq.com. 

Slaine says in the filing that he may be interested in talking to Lee’s board regarding “whether the issuer should withdraw from the public market and become a privately held company,” Nasdaq continues. 

Slaine said he would be interested in discussing financing options for such a transaction, the report continues.  

The potential impact on newsrooms is not clear. 

Slaine reportedly has acquired 298,000 shares.  

The announcement prompted last-minute sales that brought the price down by 1.6%. 

Lee Enterprises stock has lost “-54% of its value since hitting a multi-year height of $44.43 in January,” Nasdaq.com writes. “The stock currently has a market capitalization of around $101 million and trades on an undemanding price to earnings (PE) ratio of ~10x.”