Lee to Sell Pacific Northwest Operations
Lee Enterprises (LEE) - Get Report said Thursday it is divesting its stand-alone publishing and commercial printing operations in the Pacific Northwest and a twice-weekly newspaper in Oregon for about $51 million. Lee will lose about $6.8 million, or 15 cents per diluted common share, as a result. Net proceeds will be used to reduce debt, the company said.
Lee also announced intentions to sell its daily newspaper,
The Daily News
, in Rhinelander, Wis.
Davenport, Iowa-based Lee will also sell
Little Nickel
and
Nickel Ads Classifieds
, based in Seattle, Wash., and Portland, Ore. The publications have a combined weekly distribution of more than 375,000 copies and would be sold to an affiliate of Black Press Ltd., a privately held newspaper company.
The company will also sell three classifieds Web sites to
Target Media Partners
, a classifieds and niche publications business based in Los Angeles.
The company's shares were trading down 8 cents, or 0.33%, at $23.85 Friday.
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