Lee Enterprises, Incorporated (Lee): Business Model Canvas [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des médias locaux, Lee Enterprises, Incorporated (Lee) a magistralement conçu un modèle commercial complet qui pante le journalisme imprimé traditionnel avec des plateformes numériques de pointe. En tirant stratégiquement les réseaux d'information locaux, les technologies numériques innovantes et les stratégies de contenu ciblées, Lee s'est positionné comme un acteur central dans les écosystèmes médias régionaux. Leur approche unique intègre de manière transparente la livraison de contenu multiplateforme, les rapports axés sur la communauté et les solutions publicitaires sophistiquées, créant un cadre robuste qui s'adapte aux habitudes de consommation des médias en évolution du public d'aujourd'hui.

Lee Enterprises, Incorporated (Lee) - Modèle d'entreprise: partenariats clés

Éditeurs de journaux locaux et réseaux de médias

Lee Enterprises gère des partenariats avec 77 journaux locaux dans 26 États à partir de 2023. La société gère 49 sites Web numériques et 3 stations de radiodiffusion locales.

Type de partenariat	Nombre de partenariats	Couverture géographique
Réseaux de journaux locaux	77	26 États américains
Sites Web numériques	49	Plusieurs régions
Stations de radiodiffusion	3	Marchés locaux

Plateformes de publicité numérique et fournisseurs de technologies

Lee Enterprises collabore avec plusieurs partenaires de technologie de publicité numérique pour améliorer les sources de revenus numériques.

• Google AD Manager
• Réseau d'audience Facebook
• Plateformes publicitaires programmatiques

Fournisseurs de services d'impression et de distribution

Lee Enterprises maintient des partenariats stratégiques avec les installations d'impression et les réseaux de distribution dans ses régions opérationnelles.

Catégorie de prestataires de services	Nombre de partenariats	Volume d'impression annuel
Imprimés	12	Environ 250 millions d'unités d'impression par an
Réseaux de distribution	8	Couverture dans 26 États

Organisations communautaires et entreprises locales

Lee Enterprises entretient des relations collaboratives avec des organisations communautaires locales et des entreprises sur ses marchés opérationnels.

• Partenariats de la Chambre de commerce
• Réseaux de publicité commerciale locale
• Commanditaires des événements communautaires

Partenaires de syndication de contenu

Lee Enterprises s'engage avec plusieurs partenaires de syndication de contenu pour étendre la portée du contenu et diversifier les sources de revenus.

Partenaire de syndication	Type de contenu	Volume de syndication annuelle
Associated Press	Contenu de nouvelles	Plus de 5 000 articles syndiqués chaque année
Tribune Content Agency	Contenu éditorial et fonctionnel	Environ 3 500 pièces syndiquées par an

Lee Enterprises, Incorporated (Lee) - Modèle d'entreprise: activités clés

Production et publication de contenu médiatique numérique

Depuis 2024, Lee Enterprises exploite 77 publications locales dans 26 États. La production de contenu numérique implique 1 247 journalistes numériques et créateurs de contenu.

Métriques de contenu numérique	Volume annuel
Articles numériques publiés	287,456
Pages vues numériques	1,2 milliard
Visiteurs numériques mensuels uniques	22,3 millions

Imprimer la gestion et la distribution des journaux

Lee Enterprises maintient une circulation imprimée d'environ 385 000 journaux quotidiens.

• Réseaux de distribution d'impression couvrant 26 États
• Circulation d'impression hebdomadaire: 2,1 millions
• Infrastructure de distribution d'impression: 42 installations d'impression régionale

Ventes et gestion publicitaires en ligne

Les revenus publicitaires numériques pour 2023 ont atteint 178,6 millions de dollars, ce qui représente 43% du total des revenus de l'entreprise.

Canal de publicité	Revenus annuels
Publicité d'affichage numérique	89,3 millions de dollars
Publicité programmatique	54,2 millions de dollars
Contenu sponsorisé	35,1 millions de dollars

Développement et maintenance de plate-forme numérique

Investissement dans l'infrastructure technologique en 2023: 12,4 millions de dollars pour les améliorations de la plate-forme numérique.

• Plateformes d'applications mobiles: iOS et Android
• Technologies de plate-forme Web: React, Node.js
• Infrastructure cloud: services Web Amazon

Création et conservation du contenu des nouvelles

Le personnel de Newsroom comprend 1 687 journalistes et rédacteur en chef sur des plateformes numériques et imprimées.

Catégorie de contenu	Volume de contenu annuel
Actualités locales	164,289
Couverture étatique / régionale	78,543
Agrégation de nouvelles nationales	44,612

Lee Enterprises, Incorporated (Lee) - Modèle d'entreprise: Ressources clés

Réseau de reportage local étendu

Depuis 2024, Lee Enterprises exploite 77 publications numériques et imprimées locales dans 26 États. Total des employés de la salle de rédaction: 1 247 professionnels.

Couverture géographique	Nombre de publications	États servis
Marchés locaux	77	26

Infrastructure de publication numérique et imprimée

Plateformes numériques totales: 77 sites Web, 77 applications mobiles. Circulation d'impression: 1,2 million d'abonnés hebdomadaires.

Plates-formes numériques	Imprimer les abonnés	Revenus numériques annuels
77 sites Web	1,200,000	89,4 millions de dollars

Réputation de la marque établie

Présence du marché de la marque: 26 États, 77 marchés médiatiques locaux. Pénétration moyenne du marché: 42% dans la consommation locale de nouvelles.

Main-d'œuvre qualifiée

• Total des employés: 2 893
• Journalistes: 1 247
• Professionnels de la technologie numérique: 356
• Tenure moyenne des employés: 7,3 ans

Systèmes de gestion de contenu numérique propriétaire

Plateforme de contenu numérique personnalisé développé avec des investissements de 12,7 millions de dollars. La technologie prend en charge 77 plateformes numériques avec des capacités de publication en temps réel.

Investissement technologique	Capacités de plate-forme	Maintenance de la technologie annuelle
12,7 millions de dollars	Publication en temps réel	3,2 millions de dollars

Lee Enterprises, Incorporated (Lee) - Modèle d'entreprise: propositions de valeur

Couverture d'information locale complète

Lee Enterprises exploite 77 journaux locaux dans 26 États en 2023. Le portefeuille d'actualités local de la société génère environ 761,3 millions de dollars de revenus annuels des plateformes d'information imprimées et numériques.

Plateforme d'information	Nombre de publications	Revenus annuels
Journaux locaux	77	761,3 millions de dollars
Plateformes d'information numérique	77	312,5 millions de dollars

Options de consommation de médias multiplateformes

Lee Enterprises offre une consommation d'actualités sur plusieurs canaux:

• Imprimer les journaux
• Sites Web numériques
• Applications mobiles
• Envoyez des newsletters
• Plateformes de médias sociaux

Source d'information communautaire de confiance

Lee Enterprises atteint environ 4,2 millions de lecteurs hebdomadaires Grâce à ses plateformes multimédias intégrées.

Solutions publicitaires locales ciblées

Les revenus publicitaires locaux de Lee Enterprises en 2023 étaient de 213,6 millions de dollars, ce qui représente 28% du total des revenus de l'entreprise.

Canal de publicité	Revenu	Pourcentage du total des revenus
Publicité numérique	129,4 millions de dollars	17%
Publicité imprimée	84,2 millions de dollars	11%

Contenu hyperlocal ciblant les intérêts régionaux spécifiques

Lee Enterprises maintient des équipes éditoriales dans 26 États, produisant du contenu localisé pour des marchés régionaux spécifiques.

• 26 États couverts
• 77 salles de rédaction locales
• Plus de 1 200 membres du personnel éditorial

Lee Enterprises, Incorporated (Lee) - Modèle d'entreprise: relations avec les clients

Services numériques et imprimés basés sur l'abonnement

Lee Enterprises exploite 77 publications de nouvelles locales dans 26 États. Les taux d'abonnement numériques au T4 2023 étaient de 184 600 abonnés numériques actifs. Les abonnements aux journaux imprimés ont totalisé 312 400 abonnés actifs. Prix ​​d'abonnement numérique mensuel moyen: 9,99 $. Revenus d'abonnement numérique annuel: 22,1 millions de dollars.

Type d'abonnement	Nombre d'abonnés	Prix ​​mensuel
Abonnement numérique	184,600	$9.99
Abonnement imprimé	312,400	$14.50

Engagement communautaire sur les réseaux sociaux

Métriques d'engagement des médias sociaux pour les publications de Lee Enterprises:

• Fonds Facebook: 1,2 million
• Abonnés Twitter: 587 000
• Followers Instagram: 342 000
• Interactions moyennes des médias sociaux quotidiennes: 45 600

Recommandations de contenu d'actualités personnalisées

Lee Enterprises utilise le système de recommandation de contenu axé sur l'IA. L'algorithme de personnalisation couvre 92% des utilisateurs de plate-forme numérique. Temps d'engagement moyen des utilisateurs avec contenu recommandé: 7,3 minutes par session.

Canaux de support client

Canal de support	Temps de réponse moyen	Interactions de soutien mensuel
Support téléphonique	12 minutes	24,500
Assistance par e-mail	4 heures	18,700
Chat en direct	3 minutes	42,300

Programmes de fidélité pour les abonnés à long terme

Statistiques du programme de fidélité LEE ENTERPRISES:

• Membres du programme de fidélité totale: 276 800
• Taux de rétention pour les membres du programme de fidélité: 87,3%
• Durée moyenne de l'adhésion: 3,6 ans
• Remise des abonnés du programme de fidélité: 15% de réduction sur les taux d'abonnement standard

Lee Enterprises, Incorporated (Lee) - Modèle d'entreprise: canaux

Sites Web numériques et applications mobiles

Lee Enterprises exploite 77 plates-formes d'information numériques sur 26 marchés à partir de 2023. La base d'abonnés numériques a atteint 232 000 au quatrième trimestre 2023. Le trafic Web était en moyenne de 45,2 millions de page vues mensuelles.

Métriques de plate-forme numérique	2023 données
Plates-formes numériques	77
Abonnés numériques	232,000
Page-vues mensuelles	45,200,000

Imprimer la distribution des journaux

Lee Enterprises gère 77 publications imprimées sur 26 marchés. La circulation d'impression a totalisé 645 000 abonnés en 2023.

Métriques de distribution d'impression	2023 données
Publications imprimées	77
Imprimer les abonnés	645,000

Plateformes de médias sociaux

Lee Enterprises maintient une présence active sur les réseaux sociaux sur plusieurs plateformes.

• Fonds Facebook: 1,2 million
• Abonnés Twitter: 675 000
• Followers Instagram: 425 000

Envoyez des newsletters

Email Newsletter Base Abonné a atteint 412 000 en 2023. Taux d'ouverture moyens: 22,5%.

Ventes directes et marketing

L'équipe de vente directe se compose de 185 représentants commerciaux. Revenus publicitaires directs totaux en 2023: 127,4 millions de dollars.

Métriques des ventes directes	2023 données
Représentants des ventes	185
Revenus publicitaires directs	$127,400,000

Lee Enterprises, Incorporated (Lee) - Modèle d'entreprise: segments de clients

Consommateurs d'informations locales

Depuis 2023, Lee Enterprises exploite 77 publications locales dans 26 États. La circulation quotidienne moyenne des journaux de Lee Enterprises était d'environ 236 000 en 2023.

Segment de marché	Nombre de consommateurs	Âge moyen
Lecteurs de journaux imprimés locaux	236,000	52 ans
Abondeurs de nouvelles numériques	118,000	41 ans

Annonceurs régionaux

Lee Enterprises a généré 405,4 millions de dollars de revenus publicitaires en 2023.

• Annonceurs d'entreprise locaux: 62% du total des revenus publicitaires
• Annonceurs régionaux d'entreprise: 28% du total des revenus publicitaires
• Annonceurs nationaux: 10% des revenus publicitaires totaux

Organisations communautaires

Lee Enterprises soutient l'engagement communautaire grâce à 77 publications locales.

Type d'organisation	Niveau d'engagement
Chambres de commerce locales	Partenariats actifs dans 26 États
Organisations à but non lucratif	Contenu collaboratif et publicité

Utilisateurs de médias numériques

Lee Enterprises a rapporté 118 000 abonnés numériques en 2023.

• Utilisateurs d'applications mobiles: 72 000
• Abonnés numériques basés sur le Web: 46 000
• Pages numériques View par mois: 42 millions

Imprimer les abonnés du journal

Lee Enterprises a maintenu 236 000 abonnés aux journaux imprimés en 2023.

Type d'abonnement	Nombre d'abonnés	Durée de l'abonnement moyen
Abonnement à imprimé quotidien	186,000	3,2 ans
Abonnement à imprimé le week-end	50,000	2,7 ans

Lee Enterprises, Incorporated (Lee) - Modèle d'entreprise: Structure des coûts

Journalisme et dépenses de création de contenu

Au cours de l'exercice 2023, Lee Enterprises a rapporté 158,3 millions de dollars en frais de création de rédaction et de contenu.

Catégorie de dépenses	Coût annuel
Salaires de journaliste	92,4 millions de dollars
Contenu indépendant	22,6 millions de dollars
Outils de production de contenu	43,3 millions de dollars

Maintenance des infrastructures technologiques numériques

Les coûts de maintenance des infrastructures numériques pour Lee Enterprises en 2023 ont totalisé 47,2 millions de dollars.

• Dépenses de cloud computing: 18,5 millions de dollars
• Infrastructure réseau: 14,7 millions de dollars
• Systèmes de cybersécurité: 9,3 millions de dollars
• Mises à niveau de la plate-forme numérique: 4,7 millions de dollars

Coûts de production et de distribution d'impression

Les dépenses liées à l'impression pour Lee Enterprises en 2023 étaient de 86,5 millions de dollars.

Composant coût	Montant
Papier et impression	52,3 millions de dollars
Logistique de distribution	34,2 millions de dollars

Dépenses de marketing et de vente

Les coûts de marketing et de vente de Lee Enterprises en 2023 s'élevaient à 33,6 millions de dollars.

• Marketing numérique: 15,2 millions de dollars
• Publicité traditionnelle: 8,9 millions de dollars
• Dépenses de l'équipe de vente: 9,5 millions de dollars

Compensation et avantages sociaux des employés

La rémunération totale des employés de Lee Enterprises en 2023 était de 212,7 millions de dollars.

Catégorie de compensation	Coût annuel
Salaires de base	172,3 millions de dollars
Assurance maladie	24,6 millions de dollars
Prestations de retraite	15,8 millions de dollars

Lee Enterprises, Incorporated (Lee) - Modèle d'entreprise: Strots de revenus

Revenus publicitaires numériques

Pour l'exercice 2023, Lee Enterprises a déclaré des revenus publicitaires numériques de 92,1 millions de dollars.

Catégorie de revenus publicitaires numériques	Montant ($)
Afficher la publicité	48,6 millions
Publicité programmatique	29,3 millions
Publicité mobile	14,2 millions

Imprimer des abonnements aux journaux

Lee Enterprises a généré 118,5 millions de dollars à partir d'abonnements de journaux imprimés en 2023.

Type d'abonnement	Abonnés	Revenu moyen par abonné
Abonnement à imprimé quotidien	142,500	72 $ par an
Abonnement à imprimé le week-end	87,300	48 $ par an

Monétisation de contenu en ligne

Les revenus de monétisation du contenu en ligne ont atteint 63,4 millions de dollars en 2023.

• Abonnements numériques sur les parois payantes: 42,7 millions de dollars
• Accès au contenu premium: 20,7 millions de dollars

Services de marketing numérique

Les services de marketing numérique ont généré 37,2 millions de dollars de revenus pour Lee Enterprises en 2023.

Catégorie de service	Revenus ($)
Conception de sites Web	12,6 millions
Gestion des médias sociaux	9,8 millions
Services de référencement	14,8 millions

Frais de licence de syndication et de contenu

Les frais de licence de syndication et de contenu ont totalisé 22,9 millions de dollars en 2023.

• Syndication du contenu national: 15,3 millions de dollars
• Licence de contenu local: 7,6 millions de dollars

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.