Lee Enterprises began trading on the Nasdaq today under the symbol LEE. The news and information publisher serves 77 local U.S. markets. Furthermore, company is intensely focused on becoming a major “subscription and advertising platform.”
Today is an important milestone as we embark on the next chapter of Lee’s growth alongside some of the world’s most innovative and pioneering technology leaders. As we accelerate our digital transformation, we believe this move enhances our visibility as a leading digital news and information provider, positioning Lee among a new audience of investors that recognize the significant long-term value potential of our increasingly digital-first content and advertising platforms.
We’re thrilled to have Nasdaq as our new exchange partner. We look forward to leveraging their unique solutions to connect with the investor community as we execute our three-pillar strategy to drive annualized recurring revenue growth and value for readers, users, advertisers, and shareholders.
Kevin Mowbray, Lee Enterprises President and Chief Executive Officer
Mowbray and other Lee leadership team members will ring the Nasdaq Stock Market Opening Bell on Tuesday, April 20.
The Lee CEO recently reported that Lee has made “significant progress” on their digital transformation plan. 69% digital subscriber growth in each of the last five quarters in one marker that Mowbray points to.
Within the next five years, Lee aims to realize the following goals:
- Grow total paid subscribers, reaching 900,000 digital-only subscribers;
- Generate $100 million in annualized revenue from their Amplified Digital Agency, which is expected in three years
- Achieve their long-term leverage target of under 2.5x.
