DAVENPORT, Iowa, Feb. 09, 2026 (GLOBE NEWSWIRE) -- Lee Enterprises and Hudl today announced a new content partnership that significantly expands access to high school sports coverage across Lee’s nationwide network of trusted local news brands, marking one of the largest collaborations in local sports media. Through this partnership, the two companies will work to bring high-quality high school sports video and storytelling across Lee Enterprises’ 72 markets, reaching millions of local sports fans, families ...

Core Viewpoint - Lee Enterprises has successfully closed a $50 million strategic equity private placement, enhancing its financial and governance foundation as it enters a new phase of growth [1][3]. Financial Impact - The company received $50 million in gross proceeds from the private placement, which will improve its capital structure and cash flow outlook [1][2]. - Concurrently, an amendment to the existing credit facility reduced the annual interest rate on approximately $455.5 million of long-term debt from 9% to 5% for a five-year period, significantly benefiting the company's financial position [2]. Leadership Changes - David Hoffmann has joined the company's board of directors as chairman, indicating a strengthening of governance and investor confidence [2][3]. Company Overview - Lee Enterprises is a major subscription and advertising platform, providing local news and information through daily newspapers and digital products across 72 markets in 25 states [6].

CHARLOTTESVILLE, Va., Feb. 5, 2026 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") announced today the appointment of Robert Lee Burrows, Jr. as a director of the Company, effective February 25, 2026. He has also been appointed as a director of the Company's wholly-owned subsidiary bank, Virginia National Bank. Mr. Burrows' experience in the financial services industry spans over four decades. In 2008, he founded Banks Street Partners, an Atlanta based financial serv ...

Group 1 - Lee Enterprises, Incorporated is a major subscription and advertising platform providing local news and information in 72 markets [1][3] - The company will hold an audio webcast and conference call on February 10, 2026, at 9 a.m. Central Time to discuss preliminary results for the quarter ended December 28, 2025 [1][2] - Lee Enterprises operates daily newspapers, digital products, and nearly 350 weekly and specialty publications across 25 states [3] Group 2 - The live webcast of the conference call will be accessible on Lee's Investor Relations website and will be available for replay 24 hours later [2] - The company emphasizes its commitment to providing valuable, intensely local news and information to the communities it serves [3] - Lee Common Stock is traded on NASDAQ under the symbol LEE [3]

Core Viewpoint - Lee Enterprises has reached a compromise with billionaire investor David Hoffmann, who will invest $50 million to stabilize the company's finances and position it for future growth [1] Group 1: Leadership Changes - Hoffmann will become the chairman of Lee Enterprises and aims to become the largest newspaper publisher in the U.S. [2] - CEO Kevin Mowbray will retire after 39 years with the company upon Hoffmann's takeover [3] Group 2: Financial Situation - Lee Enterprises has struggled with $455.5 million in debt, which was incurred from acquiring newspapers from Berkshire Hathaway [7] - The investment from Hoffmann will allow Lee to reduce its debt interest rate from 9% to 5%, saving approximately $18 million annually [7] Group 3: Industry Context - The newspaper industry has faced significant challenges, including staff cuts and reduced print schedules due to declining advertising and website traffic [6] - Hoffmann's commitment to reinvest in newsrooms is seen as crucial for strengthening local news coverage [5]

Core Viewpoint - Lee Enterprises has entered into a definitive stock purchase agreement for a $50 million strategic equity investment, aimed at strengthening its financial and governance foundation as it transitions into its next phase [1][2]. Investment Details - The investment consists of a private placement of common stock at an investment price of $3.25 per share, with David Hoffmann leading the investment by committing a minimum of $20 million, while other existing investors contribute the remaining $30 million [2]. - Hoffmann has committed approximately $35 million at signing, with additional investors committing around $15 million, and he will backstop the capital raise by purchasing any remaining shares not acquired by other investors [2]. Financial Impact - The closing of the $50 million investment is expected to facilitate an amendment to the Company's existing credit facility, reducing the annual interest rate on approximately $455.5 million of long-term debt from 9% to 5% for five years, significantly improving the capital structure and cash flow outlook [3]. Board Decisions - The Company's board of directors unanimously approved the transaction after a comprehensive review, determining that strengthening the balance sheet and implementing leadership changes are essential for long-term value creation [4]. - Mary Junck, Chair of the Board, emphasized the importance of this decisive action for improving the Company's position [5]. Leadership Changes - Concurrently with the investment, Kevin Mowbray, the President and CEO, announced his retirement, with Nathan Bekke expected to serve as Interim CEO while a search for a permanent CEO is initiated [6]. Advisory Support - Oppenheimer & Co. Inc., Kirkland & Ellis LLP, and Lane & Waterman LLP served as exclusive financial and legal advisors to Lee Enterprises, while Stifel and Lathrop GPM LLP advised Hoffmann [7]. Shareholder Approval - The issuance and sale of shares are subject to customary closing conditions, including stockholder approval at a special meeting expected in the first quarter of 2026 [8].

Core Points - Lee Enterprises has postponed its Special Meeting of Stockholders from December 4, 2025, to December 19, 2025, to enhance stockholder engagement and participation [1][2] - The purpose of the Rescheduled Special Meeting remains unchanged, and all proposals for voting will proceed as previously disclosed [3] - The record date for determining stockholders entitled to vote at the Rescheduled Special Meeting remains unchanged, and stockholders who have submitted proxies do not need to take further action unless they wish to change their vote [3] Company Overview - Lee Enterprises is a major subscription and advertising platform, providing local news and information through daily newspapers and nearly 350 weekly and specialty publications across 72 markets in 25 states [4] - The company is committed to delivering valuable, intensely local news and information to the communities it serves, with markets including St. Louis, MO; Buffalo, NY; Omaha, NE; and others [4] - Lee Common Stock is traded on NASDAQ under the symbol LEE [4] Additional Information - Information regarding the Rescheduled Special Meeting, including proposals and voting instructions, can be found in the Definitive Proxy Statement filed with the U.S. Securities and Exchange Commission on November 13, 2025 [5] - Stockholders are encouraged to read the Proxy Statement and any relevant documents filed with the SEC for important information regarding the solicitation [5]

Group 1 - The article does not provide any specific information or data regarding the company or industry [1]

Company Overview - The company serves 72 mid-sized communities across 25 states, with over 633,000 digital-only subscribers[7]. - As of September 28, 2025, the total number of digital and print subscribers reached 889,802, with unique visitors averaging 14,509 monthly[16]. - Approximately 2,500 employees are employed, with a focus on investing in top digital talent to support growth strategies[19]. Revenue Streams - The primary revenue streams include subscriptions, advertising, and digital marketing services, with a focus on omni-channel marketing solutions[12]. - The company is focused on managing declining print revenue and adapting to changes in advertising and subscription demand[25]. Digital Strategy - The company is committed to expanding audiences and deepening engagement through hyper-local content and world-class digital products[9]. - The company has a strong portfolio of digital products, including AI-powered solutions, aimed at enhancing customer engagement and satisfaction[8]. - Future strategies include continuous innovation in digital products and expanding market reach through enhanced marketing solutions[10]. Corporate Governance - The board of directors consists of eight independent members, reflecting strong corporate governance practices[20]. - The company maintains good relationships with newsprint producers, ensuring an adequate supply of newsprint for operations[17].

Financial Data and Key Metrics Changes - Total revenue for fiscal 2025 was $562 million, with 53% derived from digital sources, indicating a significant shift towards digital reliance over legacy print business [4][11] - Digital-only subscription revenue reached $94 million, with a year-over-year growth of 16% on a same-store basis, despite challenges from a cyber incident [4][11] - Adjusted EBITDA showed growth for the second consecutive quarter, reflecting effective cost management and operational execution [6][15] Business Line Data and Key Metrics Changes - The digital marketing services business, Amplified Digital Agency, surpassed $100 million in revenue with a 5% growth on a same-store basis [5][10] - Digital subscription revenue growth was 32% annually over the last three years, significantly outpacing industry peers [8][12] - Total digital revenue for fiscal 2025 was $298 million, representing 53% of total company revenue, highlighting the successful transition to a digital-first model [11][12] Market Data and Key Metrics Changes - Digital revenue growth was 2% on a same-store basis, indicating solid momentum in the digital transformation strategy [10] - The company nearly doubled the number of clients valued at over $1 million annually, showcasing the effectiveness of its innovative solutions [10] - The digital advertising revenue from Amplified Digital Agency contributed $103 million to the total digital advertising revenue of $184 million [10][11] Company Strategy and Development Direction - The company aims to achieve $450 million in digital revenue by fiscal 2030, supported by a three-pillar digital growth strategy [5][8] - There is a focus on diversifying and expanding offerings for advertisers, with a goal of over $250 million in digital advertising revenue by 2030 [19][20] - The company is transitioning towards a predominantly digital model, with a target of 90% digital revenue by fiscal 2030 [12][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive sustainable growth and deliver long-term value to shareholders, despite challenges faced in fiscal 2025 [7][15] - The company anticipates a positive lift in digital revenue and margin in 2026 as transformational projects come to fruition [15][17] - The upcoming $50 million common stock rights offering is expected to support digital transformation and deleveraging efforts [21] Other Important Information - The company executed a strategic termination of its fully funded defined benefit pension plan, enhancing balance sheet flexibility [17] - Cash costs decreased by 5% compared to the previous year, finishing at $524 million, reflecting disciplined cost management [16] - The company has identified $25 million of non-core assets for future monetization, which will improve liquidity [17] Q&A Session Summary Question: What was the total debt reduction in the fourth fiscal quarter and the full fiscal year? - The company reduced debt by $121 million since the credit agreement was launched in 2020. In fiscal 2025, excluding increases due to the cyber incident, debt was reduced by approximately $3.5 million [25] Question: No further questions were asked, and the call concluded with closing remarks from management [26]