Why are you "holding" the print version of your weekly newspaper?

 I am writing from Texas. A nearby newspaper, owned by a friend, who's also a journalism/mass communications prof.

This last Tuesday was Texas primary election day. Tuesday is his press day, and mine as well. 

Our press normally likes our newspapers at 5 p.m. or so.

The only statewide race in real doubt was the Democratic Senate primary. I think we were pretty sure the Republican Senate primary was going to a runoff, AG, Comptroller and RRC were going to runoffs, Gov and Lite Gov were blowouts, and that Dems would likely have a runoff for AG as well. 

There was one closely contested county commissioner race in his county. A district judge and the county clerk were also contested, but not closely. 

And, you do have a website. 

Plus, we all know that in a county of any size, county elections officials will post the results quickly on the county's website. 

I would have printed at normal time. 

David Hoffmann gets his wish with Lee Enterprises

 Hoffmann, about whom I wrote in late 2024, has taken at least half a step forward in his dream of creating the nation's largest newspaper company. He had indicated then that Lee was among his acquisition possibilities, having increased his ownership stake, although Lee had adopted a poison pill earlier that year.

Per a Lee news release a month ago, Hoffmann has taken a $50 million equity stake, which will make him majority owner.

Poynter has much more. It notes Hoffmann is personally contributing $35 million with other investors taking care of the rest. Lee's current CEO, Kevin Mowbray, is stepping down and a replacement search is on, indicating Hoffmann is not looking for that spot.

The two stories note that Lee can greatly reduce its interest rate on its debt, much of it spent to acquire Warren Buffett's newspaper stable, which included Waco and Bryan-College Station. Poynter has the basics of that, and how it led Lee to agree to the acquisition:

Lee’s lender, BH Finance, offered last year to reduce its annual interest rate to 5% for the next five years if the company could raise $50 million. The deal with Hoffmann will thus allow Lee to save more than $18 million a year in debt payments.

There you go. BH being Berkshire-Hathaway of Buffett of course.

Poynter notes that Lee lost $36M in its last fiscal year, so that cuts the bleeding in half right there. Hoffmann said in 2025 that he'd not made cuts at papers he already owns; we'll see if that stands up.

Of course, 2020 was a bad year to be buying newspapers, with COVID.  

Poytner also notes that billionaires owning papers has become problematic in recent years, with the Bezos Post, Doctor Daddy Patrick Soon-Shiong's LA Times and the Baltimore Sun shifting right to curry Trump favor.

Back to the main story, though.

First, this means that the likes of an Alden, which made a 2021 run at Lee, are probably gone for "good," or "good" of the next half-dozen years. Never say never with vulture capitalists trying to acquire newspapers, but I assume Lee will be dezombified enough to block that.

Second, per an AP story, I wouldn't be surprised if Hoffmann, also per his previous background, focuses on smaller newspapers in Lee's stable. Waco and BCS would be OK under this, but, something like the flagship St. Louis Post-Dispatch? I could see it getting spun off, maybe after getting dressed up first. Per another story linked in that, the 2020 deal included Lee entering into a 10-year lease for BH media real estate. We're more than halfway through that, and I am sure it won't be renewed. Hoffmann may even look at buying his way out of that early.