Lee Enterprises announced Wednesday it has entered into a management agreement with Hoffmann Media Group. The news sent shares surging 21.61% over the past week to $9.51.
The agreement runs from June 1, 2026, through May 31, 2031. Lee Enterprises will manage and operate newspaper publications and digital properties owned by Hoffmann Media Group across multiple states.
Lee will receive a fixed management fee of $135,000 per fiscal quarter for existing publications, and a variable fee of 20% of prior quarter's EBITDA for new acquisitions.
David Hoffmann, a principal of Hoffmann Media Group, is the majority shareholder and Chairman of the Board at Lee Enterprises. The agreement was reviewed and approved in accordance with related party transaction policies.
