Cannell Capital Urges Board and Management Revamp at Lee Enterprises
September 02, 2021 at 08:18 pm EDT
Share
On, September 3, 2021, Cannell Capital announced that, Lee Enterprises, Inc. board and management have become gun shy, lacking the vicissitude necessary to compete in today's digital environment. Defense and half measures will not, and cannot, work in 2021. Further, Cannell Capital stated that ,the failure of the current board to recognize and take immediate and aggressive action is a large part of the justification for significant change. Digital transition is inevitable. In addition, Cannell Capital calls upon all owners to infuse the Company board with more forward thinking people to accomplish this mission and increase value for all shareholders. Time is not an ally in the digital world. It is for these reasons Cannell Capital will vote against all incumbent directors and encourage other owners to do the same.
Lee Enterprises, Incorporated is a provider of local news and information in the markets it serves with digital subscription and advertising platforms. The Companyâs product portfolio includes digital subscription platforms, daily, weekly and monthly newspapers and niche publications, all delivering original local news and information. The Companyâs products offer print and digital editions, and its content and advertising are available in real time through its websites and mobile apps. It operates in predominately mid-sized communities with products ranging from daily newspapers and associated digital products, such as the St. Louis Post-Dispatch and The Buffalo News, to non-daily newspapers with news websites and digital platforms serving smaller communities. The Company is focused on three categories: subscriptions to its product offerings, advertising and marketing solutions to local advertisers, and digital services to a diverse set of customers.