AP Iowa

News publisher Lee faces renewed pressure from hedge funds

Published April 14, 2022 4:26 PM

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Newspaper publisher Lee Enterprises is facing renewed pressure from a hedge fund to speed up its transition to digital publishing and consider adding new digital-savvy leaders to its board. This after successfully fighting off a hostile takeover from a different hedge fund. Lee’s largest shareholder, Cannell Capital, this week disclosed buying nearly 20,000 more of the company’s shares, giving it a 9.1% stake. The fund’s head, Carlo Cannell, said he thinks Lee needs new board members and executives with experience running a digital publishing business.

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