• by Ray Schultz , Columnist, January 4, 2026

There are more ways to get control of a national publishing company than one. 

Lee Enterprises, which last year fought off an effort by David Hoffmann and the Hoffmann Family of Companies, has announced a $50 million stock purchase agreement priced at $3.25 per share—led by Hoffmann, which owns interests in eight verticals of industries that include real estate, agriculture and media & marketing.

Billionaire David Hoffmann will become chair of the board upon closing of the strategic equity deal, and Kevin Mowbray, president and CEO of Lee, will retire. Nathan Bekke, now chief operating officer of Lee, will serve as interim CEO until a permanent replacement for Mowbray is found. 

Hoffmann initially committed a minimum of $20 million in funding, with the remaining $30 million to be provided by other top investors. But the $20 million grew to $35 million as investment levels rose, and now Hoffmann says it will backstop the offer by agreeing to buy any outstanding shares of common stock. Either way, Hoffmann is the majority shareholder. 

This means an end of the Mowbray reign and a new era for the newspaper company. Lee’s board unanimously approved the agreement after reviewing the company’s performance, capital and long-term opportunities.

“This transaction reflects the Board’s determination to act decisively," says Mary Junck, chair of the board for Lee Enterprises. “By strengthening the balance sheet and improving the Company’s capital structure, we are putting the Company in a better position to execute and create long-term value.”

Hoffmann adds that the investment “strengthens the Company’s balance sheet and reflects the Board’s determination to take decisive action. With improved financial stability and a clear governance framework in place, the focus can now be on disciplined execution and long-term value creation.”

The stock being sold will not be registered under the national or state laws. The deal must be approved by shareholders at a meeting during the first quarter.  

Lee, which owns 72 newspaper properties, certainly needs some help. Last February, it was hacked by the the Qilin ransomware group. In addition to $2 million in recovery costs, the company has been sued by consumers and former employees who claim their data was exposed to cyber criminals. 

Moreover, the firm’s 2025 revenue declined to $562 million, from $661 million in 2024. The net loss grew to $35.7 million from $23.5 million for the prior year. Print revenue has been steadily falling. 

In March 2025, Hoffmann, which had been building up its shares in Lee, announced that it wanted to acquire the entire company. 

Lee promptly extended its shareholder rights plan for one year, to March 27, 2026, in a move to halt any such merger. In 2021, Lee outlasted an attempt by Alden Global Capital to acquire it for $141 million. But now it clearly has a different view. 

What could staffers—and readers—expect as Hoffmann moves in?

“We believe this commitment represents a sharp contrast to other potential acquirers such as non-local hedge funds and investment firms primarily concerned with increasing profits over jobs, local concerns, and the power of quality journalism,” the Hoffmann company said in a letter last year. 

We’ll see what they can do.