A Florida-based billionaire is leading a deal to buy a controlling stake in publicly traded Lee Enterprises, owner of Madison’s Wisconsin State Journal.
According to the Wisconsin State Journal, the $50 million deal is led by David Hoffmann, who is buying $35 million in shares, and would change leadership and provide debt relief to newspaper owner Lee Enterprises.
Lee will have to hold a shareholder meeting to obtain approval for the deal and to increase the number of shares it can issue from 12 million to 40 million.
Lee CEO Kevin Mowbray will resign as part of the deal with a $1.5 million payout. Chief Operating Officer Nathan Bekke will take over as interim CEO.
