PartnershipMay 20, 2026, 05:23 PM
Lee Enterprises to Manage Hoffmann Media Publications for $135K/Qtr
AI Summary
Lee Enterprises has entered into a Management Agreement with Hoffmann Media Group to manage and operate certain newspaper publications and related digital properties. The agreement, effective June 1, 2026, has an initial five-year term and includes a fixed quarterly management fee of $135,000, along with a variable fee based on EBITDA from future acquisitions. This related-party transaction, involving Lee's Chairman and majority shareholder David Hoffmann, was approved by Lee's Board of Directors.
Key Highlights
- Lee Enterprises entered a Management Agreement with Hoffmann Media Group on May 14, 2026.
- Lee will manage Hoffmann's newspaper publications and related digital properties.
- The agreement has an initial term from June 1, 2026, through May 31, 2031.
- Lee will receive a fixed management fee of $135,000 per fiscal quarter.
- A variable fee of 20% of prior quarter's EBITDA applies to publications acquired after the start date.
- David Hoffmann, Lee's Chairman and majority shareholder, is a principal of Hoffmann Media Group.
- The agreement can be terminated if annual EBITDA falls below $1.0 million.
Price Impact
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