Lee Enterprises, Incorporado (LEE): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el panorama dinámico de los medios locales, Lee Enterprises, Incorporated (Lee) ha creado magistralmente un modelo de negocio integral que une el periodismo impreso tradicional con plataformas digitales de vanguardia. Al aprovechar estratégicamente las redes de noticias locales, las tecnologías digitales innovadoras y las estrategias de contenido específicas, Lee se ha posicionado como un jugador fundamental en los ecosistemas regionales de medios. Su enfoque único integra perfectamente la entrega de contenido multiplataforma, los informes centrados en la comunidad y las soluciones publicitarias sofisticadas, creando un marco robusto que se adapta a los hábitos de consumo de medios en evolución del público actual.

Lee Enterprises, Incorporated (Lee) - Modelo de negocio: asociaciones clave

Editores de periódicos locales y redes de medios

Lee Enterprises opera asociaciones con 77 periódicos locales en 26 estados a partir de 2023. La compañía administra 49 sitios web digitales y 3 estaciones de transmisión locales.

Tipo de asociación	Número de asociaciones	Cobertura geográfica
Redes de periódicos locales	77	26 estados de EE. UU.
Sitios web digitales	49	Múltiples regiones
Estaciones de transmisión	3	Mercados locales

Plataformas de publicidad digital y proveedores de tecnología

Lee Enterprises colabora con múltiples socios de tecnología de publicidad digital para mejorar las fuentes de ingresos digitales.

• Administrador de anuncios de Google
• Red de audiencia de Facebook
• Plataformas de publicidad programática

Proveedores de servicios de impresión y distribución

Lee Enterprises mantiene asociaciones estratégicas con instalaciones de impresión y redes de distribución en sus regiones operativas.

Categoría de proveedor de servicios	Número de asociaciones	Volumen de impresión anual
Instalaciones de impresión	12	Aproximadamente 250 millones de unidades de impresión anualmente
Redes de distribución	8	Cobertura en 26 estados

Organizaciones comunitarias y empresas locales

Lee Enterprises mantiene relaciones colaborativas con organizaciones y empresas comunitarias locales en sus mercados operativos.

• Asociaciones de la Cámara de Comercio
• Redes de publicidad de negocios locales
• Patrocinios de eventos comunitarios

Socios de sindicación de contenido

Lee Enterprises se involucra con múltiples socios de sindicación de contenido para expandir el alcance de contenido y diversificar las fuentes de ingresos.

Socio de sindicación	Tipo de contenido	Volumen de sindicación anual
Prensa asociada	Contenido de noticias	Más de 5,000 artículos sindicados anualmente
Agencia de contenido de Tribune	Contenido editorial y de funciones	Aproximadamente 3.500 piezas sindicadas anualmente

Lee Enterprises, Incorporated (Lee) - Modelo de negocio: actividades clave

Producción y publicación de contenido de medios digitales

A partir de 2024, Lee Enterprises opera 77 publicaciones de noticias locales en 26 estados. La producción de contenido digital involucra a 1.247 periodistas digitales y creadores de contenido.

Métricas de contenido digital	Volumen anual
Artículos digitales publicados	287,456
Vistas de página digital	1.200 millones
Visitantes digitales mensuales únicos	22.3 millones

Imprimir gestión y distribución de periódicos

Lee Enterprises mantiene una circulación de impresión de aproximadamente 385,000 periódicos diarios.

• Redes de distribución de impresión que cubren 26 estados
• Circulación de impresión semanal: 2.1 millones
• Infraestructura de distribución de impresión: 42 Instalaciones de impresión regional

Ventas y gestión publicitaria en línea

Los ingresos por publicidad digital para 2023 alcanzaron los $ 178.6 millones, lo que representa el 43% de los ingresos totales de la compañía.

Canal publicitario	Ingresos anuales
Publicidad de exhibición digital	$ 89.3 millones
Publicidad programática	$ 54.2 millones
Contenido patrocinado	$ 35.1 millones

Desarrollo y mantenimiento de la plataforma digital

Inversión en infraestructura tecnológica en 2023: $ 12.4 millones para mejoras de plataforma digital.

• Plataformas de aplicaciones móviles: iOS y Android
• Tecnologías de plataforma web: react, node.js
• Infraestructura en la nube: Amazon Web Services

Creación y curación de contenido de noticias

El personal de la sala de redacción incluye 1.687 periodistas totales y personal editorial en plataformas digitales e impresas.

Categoría de contenido	Volumen de contenido anual
Noticias locales	164,289
Cobertura estatal/regional	78,543
Agregación de noticias nacionales	44,612

Lee Enterprises, Incorporated (Lee) - Modelo de negocio: recursos clave

Red de informes de noticias locales extensas

A partir de 2024, Lee Enterprises opera 77 publicaciones locales digitales e impresas en 26 estados. Total de empleados de la sala de redacción: 1.247 profesionales.

Cobertura geográfica	Número de publicaciones	Estados atendidos
Mercados locales	77	26

Infraestructura de publicación digital e impresa

Plataformas digitales totales: 77 sitios web, 77 aplicaciones móviles. Circulación de impresión: 1.2 millones de suscriptores de impresión semanales.

Plataformas digitales	Suscriptores de impresión	Ingresos digitales anuales
77 sitios web	1,200,000	$ 89.4 millones

Reputación de marca establecida

Presencia del mercado de la marca: 26 estados, 77 mercados de medios locales. Penetración promedio del mercado: 42% en el consumo de noticias locales.

Fuerza laboral hábil

• Total de empleados: 2,893
• Periodistas: 1,247
• Profesionales de tecnología digital: 356
• Promedio de la tenencia del empleado: 7.3 años

Sistemas de gestión de contenido digital patentado

Plataforma de contenido digital personalizada desarrollada con una inversión de $ 12.7 millones. La tecnología admite 77 plataformas digitales con capacidades de publicación en tiempo real.

Inversión tecnológica	Capacidades de la plataforma	Mantenimiento anual de tecnología
$ 12.7 millones	Publicación en tiempo real	$ 3.2 millones

Lee Enterprises, Incorporated (Lee) - Modelo de negocio: propuestas de valor

Cobertura de noticias local integral

Lee Enterprises opera 77 periódicos locales en 26 estados a partir de 2023. La cartera de noticias locales de la compañía genera aproximadamente $ 761.3 millones en ingresos anuales de plataformas de noticias impresas y digitales.

Plataforma de noticias	Número de publicaciones	Ingresos anuales
Periódicos locales	77	$ 761.3 millones
Plataformas de noticias digitales	77	$ 312.5 millones

Opciones de consumo de medios multiplataforma

Lee Enterprises ofrece consumo de noticias en múltiples canales:

• Imprimir periódicos
• Sitios web digitales
• Aplicaciones móviles
• Boletines por correo electrónico
• Plataformas de redes sociales

Fuente de información de la comunidad de confianza

Lee Enterprises alcanza aproximadamente 4.2 millones de lectores semanales a través de sus plataformas de medios integradas.

Soluciones publicitarias locales específicas

Los ingresos de publicidad local para Lee Enterprises en 2023 fueron de $ 213.6 millones, lo que representa el 28% de los ingresos totales de la compañía.

Canal publicitario	Ganancia	Porcentaje de ingresos totales
Publicidad digital	$ 129.4 millones	17%
Publicidad impresa	$ 84.2 millones	11%

Contenido hiperlocal dirigido a intereses regionales específicos

Lee Enterprises mantiene equipos editoriales en 26 estados, produciendo contenido localizado para mercados regionales específicos.

• 26 estados cubiertos
• 77 salas de redacción locales
• Más de 1.200 miembros del personal editorial

Lee Enterprises, Incorporated (Lee) - Modelo de negocios: relaciones con los clientes

Servicios digitales e impresos basados ​​en suscripción

Lee Enterprises opera 77 publicaciones de noticias locales en 26 estados. Las tasas de suscripción digital a partir del cuarto trimestre de 2023 fueron 184,600 suscriptores digitales activos. Las suscripciones de los periódicos impresos totalizaron 312,400 suscriptores activos. Precio promedio de suscripción digital mensual: $ 9.99. Ingresos anuales de suscripción digital: $ 22.1 millones.

Tipo de suscripción	Número de suscriptores	Precio mensual
Suscripción digital	184,600	$9.99
Suscripción de impresión	312,400	$14.50

Participación comunitaria a través de las redes sociales

Métricas de participación en las redes sociales para las publicaciones de Lee Enterprises:

• Seguidores de Facebook: 1.2 millones
• Seguidores de Twitter: 587,000
• Seguidores de Instagram: 342,000
• Interacciones promedio de redes sociales diarias: 45,600

Recomendaciones de contenido de noticias personalizados

Lee Enterprises utiliza un sistema de recomendación de contenido impulsado por la IA. El algoritmo de personalización cubre el 92% de los usuarios de la plataforma digital. Tiempo promedio de participación del usuario con contenido recomendado: 7.3 minutos por sesión.

Canales de atención al cliente

Canal de soporte	Tiempo de respuesta promedio	Interacciones de apoyo mensual
Soporte telefónico	12 minutos	24,500
Soporte por correo electrónico	4 horas	18,700
Chat en vivo	3 minutos	42,300

Programas de fidelización para suscriptores a largo plazo

Estadísticas del programa de lealtad de Lee Enterprises:

• Miembros del programa de fidelización total: 276,800
• Tasa de retención para miembros del programa de fidelización: 87.3%
• Duración promedio de la membresía: 3.6 años
• Descuento del suscriptor del programa de lealtad: 15% de descuento en las tasas de suscripción estándar

Lee Enterprises, Incorporated (Lee) - Modelo de negocio: canales

Sitios web digitales y aplicaciones móviles

Lee Enterprises opera 77 plataformas de noticias digitales en 26 mercados a partir de 2023. La base de suscriptores digitales alcanzó 232,000 en el cuarto trimestre de 2023. El tráfico web promedió 45.2 millones de visiones de página mensuales.

Métricas de plataforma digital	2023 datos
Plataformas digitales	77
Suscriptores digitales	232,000
Vistas de página mensuales	45,200,000

Distribución de periódicos impreso

Lee Enterprises administra 77 publicaciones impresas en 26 mercados. La circulación de impresión totalizó 645,000 suscriptores en 2023.

Métricas de distribución de impresión	2023 datos
Imprimir publicaciones	77
Suscriptores de impresión	645,000

Plataformas de redes sociales

Lee Enterprises mantiene la presencia activa de las redes sociales en múltiples plataformas.

• Seguidores de Facebook: 1.2 millones
• Seguidores de Twitter: 675,000
• Seguidores de Instagram: 425,000

Boletines por correo electrónico

El boletín de correo electrónico de la base de suscriptores alcanzó 412,000 en 2023. Tasas de apertura promedio: 22.5%.

Ventas y marketing directos

El equipo de ventas directas consta de 185 representantes de ventas. Ingresos publicitarios directos totales en 2023: $ 127.4 millones.

Métricas de ventas directas	2023 datos
Representantes de ventas	185
Ingresos publicitarios directos	$127,400,000

Lee Enterprises, Incorporated (Lee) - Modelo de negocio: segmentos de clientes

Consumidores de noticias locales

A partir de 2023, Lee Enterprises opera 77 publicaciones de noticias locales en 26 estados. La circulación de impresión diaria promedio para los periódicos Lee Enterprises fue de aproximadamente 236,000 en 2023.

Segmento de mercado	Número de consumidores	Edad promedio
Lectores de periódicos impresos locales	236,000	52 años
Suscriptores de noticias digitales	118,000	41 años

Anunciantes regionales

Lee Enterprises generó $ 405.4 millones en ingresos por publicidad en 2023.

• Anunciantes de negocios locales: 62% de los ingresos por publicidad total
• Anunciantes corporativos regionales: 28% de los ingresos por publicidad total
• Anunciantes nacionales: 10% de los ingresos por publicidad total

Organizaciones comunitarias

Lee Enterprises apoya la participación de la comunidad a través de 77 publicaciones locales.

Tipo de organización	Nivel de compromiso
Cámaras locales de comercio	Asociaciones activas en 26 estados
Organizaciones sin fines de lucro	Contenido colaborativo y publicidad

Usuarios de medios digitales

Lee Enterprises reportó 118,000 suscriptores digitales en 2023.

• Usuarios de aplicaciones móviles: 72,000
• Suscriptores digitales basados ​​en la web: 46,000
• Vistas de la página digital por mes: 42 millones

Suscriptores de periódicos impresos

Lee Enterprises mantuvo 236,000 suscriptores de periódicos impresos en 2023.

Tipo de suscripción	Número de suscriptores	Duración promedio de suscripción
Suscripción diaria de impresión	186,000	3.2 años
Suscripción de impresión de fin de semana	50,000	2.7 años

Lee Enterprises, Incorporated (Lee) - Modelo de negocio: Estructura de costos

Gastos de creación de periodismo y contenido

En el año fiscal 2023, Lee Enterprises reportó $ 158.3 millones en gastos editoriales y de creación de contenido.

Categoría de gastos	Costo anual
Salarios de periodistas	$ 92.4 millones
Contenido independiente	$ 22.6 millones
Herramientas de producción de contenido	$ 43.3 millones

Mantenimiento de la infraestructura de tecnología digital

Los costos de mantenimiento de la infraestructura digital para Lee Enterprises en 2023 totalizaron $ 47.2 millones.

• Gastos de computación en la nube: $ 18.5 millones
• Infraestructura de red: $ 14.7 millones
• Sistemas de ciberseguridad: $ 9.3 millones
• Actualizaciones de plataforma digital: $ 4.7 millones

Costos de producción y distribución de impresión

Los gastos relacionados con la impresión para Lee Enterprises en 2023 fueron de $ 86.5 millones.

Componente de costos	Cantidad
Papel e impresión	$ 52.3 millones
Logística de distribución	$ 34.2 millones

Gastos de marketing y ventas

Los costos de marketing y ventas para Lee Enterprises en 2023 ascendieron a $ 33.6 millones.

• Marketing digital: $ 15.2 millones
• Publicidad tradicional: $ 8.9 millones
• Gastos del equipo de ventas: $ 9.5 millones

Compensación y beneficios de los empleados

La compensación total de empleados para Lee Enterprises en 2023 fue de $ 212.7 millones.

Categoría de compensación	Costo anual
Salarios base	$ 172.3 millones
Seguro médico	$ 24.6 millones
Beneficios de jubilación	$ 15.8 millones

Lee Enterprises, Incorporated (LEE) - Modelo de negocio: flujos de ingresos

Ingresos publicitarios digitales

Para el año fiscal 2023, Lee Enterprises informó ingresos por publicidad digital de $ 92.1 millones.

Categoría de ingresos publicitarios digitales	Monto ($)
Mostrar publicidad	48.6 millones
Publicidad programática	29.3 millones
Publicidad móvil	14.2 millones

Suscripciones de periódicos impresos

Lee Enterprises generó $ 118.5 millones a partir de suscripciones de periódicos impresos en 2023.

Tipo de suscripción	Suscriptores	Ingresos promedio por suscriptor
Suscripción diaria de impresión	142,500	$ 72 anualmente
Suscripción de impresión de fin de semana	87,300	$ 48 anualmente

Monetización de contenido en línea

Los ingresos por monetización de contenido en línea alcanzaron $ 63.4 millones en 2023.

• Suscripciones digitales de muro de pago: $ 42.7 millones
• Acceso de contenido premium: $ 20.7 millones

Servicios de marketing digital

Los servicios de marketing digital generaron $ 37.2 millones en ingresos para Lee Enterprises en 2023.

Categoría de servicio	Ingresos ($)
Diseño del sitio web	12.6 millones
Gestión de redes sociales	9.8 millones
Servicios de SEO	14.8 millones

Tasas de licencia de sindicación y contenido

Las tarifas de licencia de sindicación y contenido totalizaron $ 22.9 millones en 2023.

• Sindicación de contenido nacional: $ 15.3 millones
• Licencias de contenido local: $ 7.6 millones

Lee Enterprises, Incorporated (LEE) - Canvas Business Model: Value Propositions

You're looking at the core value Lee Enterprises, Incorporated (LEE) delivers to its customers as of late 2025. It's a dual focus: serving communities with essential local information while simultaneously providing robust digital tools for local businesses.

Trusted, in-depth local news and information for communities

The foundational value proposition remains providing high-quality, trusted local news and information. Lee Enterprises, Incorporated serves a wide footprint, currently reaching readers across 72 markets in 25 states. This commitment is supported by a large base of paying readers, with the company reporting 633,000 digital-only subscribers at the end of the fourth quarter of fiscal year 2025.

This digital subscription base is a key driver of recurring value, showing consistent growth. The digital-only subscription revenue for the full fiscal year 2025 reached $94 million, marking an industry-leading 16% year-over-year growth on a same-store basis for that revenue stream.

Digital marketing services for small and medium-sized businesses (SMBs)

Beyond news delivery, Lee Enterprises, Incorporated offers innovative marketing services to local advertisers, primarily SMBs, through its Amplified Digital Agency. This service line is a significant value proposition, diversifying revenue away from pure content subscriptions. For the fiscal year 2025, revenue from the Amplified Digital Agency surpassed the $100 million mark, achieving 5% growth on a same-store basis for the year.

This digital advertising and marketing segment is critical to the overall digital health of the company. Here's a quick look at how the revenue streams stacked up in FY2025:

Revenue Component	FY2025 Financial Amount
Total Operating Revenue	$562 million
Total Digital Revenue	$298 million
Digital-Only Subscription Revenue	$94 million
Amplified Digital Agency Revenue	More than $100 million
Total Print Revenue	$264.2 million

The digital portion of the business now represents 53% of total operating revenue, showing the market's preference for these digital value-adds.

Print products for audiences not yet fully transitioned to digital

While the strategic focus is digital-first, Lee Enterprises, Incorporated still provides value through its legacy print products for segments of its audience that haven't fully moved online. This segment supports the overall community reach and provides a necessary bridge for some advertisers and readers. For the full fiscal year 2025, total print revenue was reported at $264.2 million.

The value proposition here is maintaining comprehensive market coverage, even as this revenue stream naturally declines. The company is executing a strategy that balances the growth of its digital offerings with the continued servicing of its print-reliant customer base. The key components of the digital transformation supporting these value propositions include:

• Accelerating digital-only subscription growth.
• Diversifying product offerings for advertisers.
• Driving digital revenue toward a goal of $450 million by fiscal 2030.

Finance: draft 13-week cash view by Friday.

Lee Enterprises, Incorporated (LEE) - Canvas Business Model: Customer Relationships

Lee Enterprises, Incorporated focuses its customer relationships on driving digital adoption across its local news platforms and through its specialized marketing services arm.

Automated, self-service digital subscription management is central to converting casual readers. As of the end of the fourth quarter of fiscal year 2025, Lee Enterprises reported 633,000 digital-only subscribers. For the full fiscal year 2025, revenue from these digital-only subscriptions reached $94 million. This segment has shown consistent strength, with digital-only subscription revenue increasing 16% year-over-year for the quarter on a same-store basis, marking five consecutive years of industry-leading performance.

The company utilizes paywall models to convert casual readers to paying subscribers. In earlier testing, the adoption of a dynamic paywall strategy resulted in a meter stop rate more than doubling, up to 15%, and generated 187% growth in conversions for the test sites compared to their prior weekly average. The long-term goal is to grow the subscriber base to surpass 1.2 million by fiscal 2030.

For business customers, Lee Enterprises deploys dedicated sales and service teams for Amplified Digital Agency clients. This agency, which is a key component of the digital strategy, surpassed $100 million in revenue for fiscal year 2025. The agency achieved 5% growth on a same-store basis for the full fiscal year 2025. The agency's revenue for the fourth quarter of fiscal 2025 was reported as $25 million.

Community engagement via local events and print/digital platforms remains a foundation, as Lee Enterprises serves customers across 72 markets. The company's overall digital focus is clear, with Total Digital Revenue for fiscal 2025 reaching $298 million, which accounted for 53% of the total operating revenue of $562 million.

Here's a look at the key financial metrics related to customer revenue streams for fiscal year 2025:

Revenue Stream Component	FY 2025 Amount	Q4 2025 Amount	Year-over-Year Growth (Q4 or FY)
Total Operating Revenue	$562 million	$139 million	Total Revenue down 8% (FY)
Total Digital Revenue	$298 million	$74 million	Digital Revenue was 53% of Total (FY)
Digital-Only Subscription Revenue	$94 million	$25 million	Up 16% (FY Same-Store Basis)
Amplified Digital Agency Revenue	Over $100 million	$25 million	Up 5% (FY Same-Store Basis)
Digital Advertising & Marketing Services Revenue	$184 million (Total Digital Advertising)	$44 million	Digital Advertising Revenue down 11% (Q4)
Total Print Revenue	$264 million	$65 million	Print Revenue down 15% (FY)

The relationship management efforts are supported by the overall digital scale:

• Digital-only subscribers totaled 633,000 as of September 28, 2025.
• Digital-only subscription revenue has grown 32% annually over the past three years.
• The company operates in 72 markets.
• Digital revenue is projected to reach 90% of total revenue by fiscal 2030.
• The company is executing a strategic termination of its fully funded benefit pension plan, which impacts long-term customer/employee relationship stability through balance sheet flexibility.

Lee Enterprises, Incorporated (LEE) - Canvas Business Model: Channels

You're looking at how Lee Enterprises, Incorporated (LEE) gets its product-trusted local news and advertising services-into the hands of customers as of late 2025. The channels clearly show a company aggressively pivoting to digital, though print still carries significant weight.

The overall picture for fiscal year 2025 shows total operating revenue at $562 million, with the digital side now firmly in the lead, representing 53% of that total, or $298 million. This is a major shift; digital revenue was only 21% of total revenue back in fiscal 2020. Digital is the primary channel for growth, while print is managed for decline.

Local newspaper websites and mobile applications

This is the core digital delivery mechanism for Lee Enterprises, Incorporated. The company operates websites and mobile applications supporting its 72 daily newspapers and other publications. This channel is responsible for driving the crucial digital subscription revenue.

For the full fiscal year 2025, revenue from digital-only subscribers reached $94 million, or $94.2 million, showing an 11.8% growth for the year. In the fourth quarter alone, digital-only subscription revenue was $25 million, marking a strong 16% year-over-year increase. The base of dedicated digital customers reached 633,000 by the end of the fiscal year. Historically, Lee Enterprises has seen more than 26 million unique web and mobile visitors monthly.

• Digital-only subscribers totaled 633,000 as of September 28, 2025.
• Digital-only subscription revenue grew 16% year-over-year in Q4 FY25.
• Digital-only subscription revenue has increased 32% annually over the past three years.

Print newspapers and specialty publications

This represents the legacy distribution channel, encompassing daily, weekly, and specialty print products across 72 markets. While declining, it still accounts for a substantial portion of the top line. For the full fiscal year 2025, Total Print Revenue was $264 million. This figure represents a 15% decline from the prior year. The company is actively managing this channel's decline by reducing print frequency; for instance, Monday editions were cut for several Midwest publications, including the Omaha World-Herald and St. Louis-Post Dispatch, in late 2025.

Here's a look at the revenue split for the full fiscal year 2025:

Revenue Channel	FY 2025 Revenue Amount	Percentage of Total Revenue
Total Operating Revenue	$562 million	100%
Total Digital Revenue	$298 million	53%
Total Print Revenue	$264 million	47%

Amplified Digital Agency direct sales force

The Amplified Digital Agency is a key component of the digital advertising channel, utilizing a direct sales force to deliver marketing services to small and medium-sized businesses (SMBs). This agency's performance is a direct indicator of the success of their advertising solutions delivery.

For the full fiscal year 2025, Amplified Digital Agency revenue surpassed $100 million, specifically reaching $103 million. This represented a 5% same-store growth for the year, though Q4 saw a 9% year-over-year fall to $25 million. The agency has shown a three-year Compound Annual Growth Rate (CAGR) of 5%.

Social media and search engine distribution for content reach

While not always broken out as a distinct revenue line, distribution via social media and search engines is integral to driving traffic to the local newspaper websites and mobile applications, which then converts to subscriptions or advertising impressions. Digital advertising and marketing services revenue, which relies heavily on these platforms for reach, totaled $44 million in Q4 2025.

The overall digital advertising and marketing services revenue represented 74% of the total advertising revenue in Q4. Digital services revenue, which is predominantly from BLOX Digital, contributed $5 million in Q4 and $5 million for the full fiscal year.

Finance: draft 13-week cash view by Friday.

Lee Enterprises, Incorporated (LEE) - Canvas Business Model: Customer Segments

You're looking at the core groups Lee Enterprises, Incorporated (LEE) serves as of its late 2025 reporting. The business model clearly targets both content consumers and businesses needing to reach those consumers across its 72 markets.

The customer base is segmented into those paying directly for content and those paying for advertising and marketing services. The digital shift is evident, with digital revenue making up 53% of total operating revenue in the fourth quarter of fiscal 2025.

Here's a breakdown of the key customer segments Lee Enterprises, Incorporated serves, grounded in the fiscal year 2025 numbers:

• Local residents seeking trusted, high-quality local news, evidenced by the 633,000 digital-only subscribers at the end of Q4 FY2025.
• Small and medium-sized businesses (SMBs) needing digital marketing services, primarily served through the Amplified Digital® Agency.
• Regional and national advertisers for print and digital ad space, which contribute to the print and digital advertising revenue streams.
• Print-loyal subscribers in 72 markets, representing the legacy, but still substantial, subscription base.

To give you a clearer picture of the financial weight of these segments based on the fiscal year ended September 28, 2025, look at how the revenue streams map to these customers:

Customer Segment Focus	Revenue Source Component	FY 2025 Amount
Local Residents (Digital Subscriptions)	Digital-Only Subscription Revenue (Annual)	$94.2 million
Local Residents (Print Subscriptions)	Portion of Total Print Revenue	(Contextual: Total Print Revenue was $264 million)
SMBs / Advertisers (Digital Marketing)	Amplified Digital® Agency Revenue (Annual)	More than $100 million
SMBs / Advertisers (Digital Ads)	Digital Advertising and Marketing Services Revenue (Q4)	$44 million (for the quarter)
Regional/National Advertisers (Print Ads)	Remaining Print Revenue (after subscriptions)	(Contextual: Total Print Revenue was $264 million)

The digital consumer segment shows strong engagement; digital-only subscription revenue grew 11.8% year-over-year for the full fiscal year 2025, reaching $94.2 million.

For the advertising side, which includes both SMBs and larger advertisers, the digital component is now dominant. Total Digital Revenue for the full year was $298 million, while Total Print Revenue was $264 million.

The Amplified Digital® Agency, which targets the business segment, is a significant revenue driver, exceeding $100 million in revenue for the fiscal year, showing 5% growth for the year.

It's defintely worth noting the print segment is still large, but shrinking; Total Print Revenue for FY2025 was $264 million, a 15% decline year-over-year.

Lee Enterprises, Incorporated (LEE) - Canvas Business Model: Cost Structure

The Cost Structure for Lee Enterprises, Incorporated centers heavily on the expenses required to maintain its legacy print operations while funding the digital transition, all under the burden of significant debt financing.

Personnel costs for editorial staff, sales teams, and digital development represent a substantial portion of the overall operational outlay. These costs are embedded within the total reported operating expenses for the fiscal year 2025.

Print production and distribution expenses are directly linked to the remaining print revenue stream. For fiscal year 2025, the company generated $264 million in Print Revenue, which saw a 15% decline year-over-year.

Financing costs are a critical, fixed component. Lee Enterprises carried $455 million of debt outstanding under its Credit Agreement as of September 28, 2025. This debt bears a fixed annual interest rate of 9.0%. Based on this, the annual interest obligation would be approximately $40.95 million ($455 million multiplied by 9%). The company has an agreement in principle to potentially cut this rate to 5% for five years, which would result in annual interest savings of about $18 million if a proposed $50 million rights offering is fully subscribed.

Technology and cyber restoration costs are a necessary, non-recurring drain on resources. Operating expenses for fiscal year 2025 included $4 million in cyber restoration expenses related to the February 2025 incident. One report noted $3.7 million of these expenses.

The overall cost base reflects the ongoing operational scale. Total Operating Expenses for fiscal year 2025 were $571 million. Cash Costs, which exclude certain non-cash items, totaled $524 million for the same period.

Here's a breakdown of the key cost and related revenue/debt metrics for the fiscal year ended September 28, 2025:

Cost/Metric Category	Amount (USD)
Total Operating Expenses (FY2025)	$571 million
Cash Costs (FY2025)	$524 million
Print Revenue (FY2025)	$264 million
Debt Principal Outstanding (As of 9/28/2025)	$455 million
Fixed Interest Rate on Debt	9.0%
Potential Annual Interest Savings (If rate drops to 5%)	Approx. $18 million
Cyber Restoration Expenses (FY2025)	$4 million

The company has been disciplined on the expense side, reporting a 7% decrease in operating expenses and a 5% decrease in Cash Costs compared to the prior year.

• Digital Revenue for FY2025 was $298 million.
• Digital-only subscription revenue grew 11.8% to $94.2 million for the full year.
• Amplified Digital Agency revenue surpassed $100 million in fiscal year 2025.
• Capital expenditures for the full year 2025 were $4 million.

Lee Enterprises, Incorporated (LEE) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for Lee Enterprises, Incorporated as of late 2025, and it's a story of digital acceleration battling secular print decline. The overall picture shows a company heavily invested in its digital pivot, which is now the majority of its revenue base.

For the fiscal year 2025, Lee Enterprises, Incorporated reported a total operating revenue of $562 million. This figure represented an 8% drop from the prior year, but the composition of that revenue is what really tells the story of the business model shift.

The digital segment is now the primary driver, accounting for $298 million, which made up 53.0% of the total operating revenue for fiscal year 2025. Conversely, Total Print Revenue settled at $264 million, marking a significant 15% decrease year-over-year.

Here is the breakdown of the key revenue components:

• Digital-only subscription revenue: $94 million in FY2025.
• Digital advertising and marketing services (Amplified Digital): $103 million in FY2025.
• Print advertising revenue (declining)
• Print subscription and single-copy sales (declining)
• Total operating revenue of $562 million for fiscal year 2025.

The digital-only subscription stream is definitely gaining traction. The reported figure of $94 million for FY2025 aligns closely with the reported $94.2 million in the annual filing, showing an 11.8% year-over-year growth rate. This success supports a base of more than 633,000 digital-only subscribers by the end of the fiscal year. Honestly, five consecutive years of industry-leading digital subscription performance is a strong signal.

The digital advertising arm, Amplified Digital® agency, is another critical pillar. The requested figure of $103 million is consistent with the reported result of surpassing $100 million in revenue for the year, reflecting a 4% or 5% growth rate, depending on the specific reporting metric used. This segment, combined with other digital advertising revenue, is key to offsetting print weakness.

The traditional print revenue streams continue their expected erosion, but the rate of decline is slowing down, which is a small win in a tough market. Print advertising revenues specifically landed at $69.2 million, which was a 15.1% drop compared to the prior year. The remaining print revenue is comprised of subscription and single-copy sales, which are also declining as the model shifts.

You can see the revenue split clearly in this table:

Revenue Category	FY2025 Amount (Millions USD)	Year-over-Year Change
Total Operating Revenue	$562	Down 8%
Total Digital Revenue	$298	Flat to Prior Year
Total Print Revenue	$264	Down 15%
Digital-Only Subscriptions	$94.2	Up 11.8%
Amplified Digital Agency	> $100	Up 4% to 5%
Print Advertising Revenue	$69.2	Down 15.1%

To summarize the revenue mix with more detail on the digital side:

• Digital Revenue accounted for 53.0% of total operating revenue.
• Digital-only subscription revenue growth was 11.8%.
• Amplified Digital Agency revenue growth was between 4% and 5%.
• Total digital revenue, including advertising, was $298.1 million.
• Print revenue decline of 15% was a 10 percentage-point improvement over the prior year's decline.

Finance: draft 13-week cash view by Friday.