Exhibit

Exhibit 99.2 - Supplemental Financial Information – Fourth fiscal quarter ended September 24, 2017.

201 N. Harrison St.

Davenport, IA 52801

www.lee.net



13 Weeks Ended (unaudited)
	September 24, 2017					September 25, 2016
(in thousands)	Consolidated		Lee Legacy		Pulitzer Inc.	Consolidated		Lee Legacy		Pulitzer Inc.
Operating revenue:
Advertising and marketing services	79,544		56,242		23,302	86,801		60,377		26,424
Subscription	50,616		35,870		14,746	49,753		33,984		15,769
Other	10,052		8,308		1,744	11,624		9,647		1,977
Total operating revenue	140,212		100,420		39,792	148,178		104,008		44,170
Operating expenses:
Compensation	50,645		38,705		11,940	55,019		42,318		12,701
Newsprint and ink	5,688		3,859		1,829	6,767		4,881		1,886
Other cash costs	49,647		30,097		19,550	52,394		28,109		24,285
Depreciation and amortization	10,288		7,450		2,838	10,689		7,651		3,038
Loss (gain) on sale of assets, net	111		62		49	(1,573	)	(13	)	(1,560	)
Impairment of intangible and other assets	2,517		819		1,698	2,382		1,820		562
Workforce adjustments and other	1,150		1,006		144	209		209		—
Total operating expenses	120,046		81,998		38,048	125,887		84,975		40,912
Equity in earnings of MNI and TNI	1,575		708		867	1,900		795		1,105
Operating income	21,741		19,130		2,611	24,191		19,828		4,363
Non-operating income (expense), net	(15,882	)	(17,415	)	1,533	(23,925	)	(24,835	)	910
Income tax expense	2,358		853		1,505	(395	)	(2,494	)	2,099
Net income	3,501		862		2,639	661		(2,513	)	3,174

Adjusted EBITDA is a non-GAAP financial measure. Below is a reconciliation of adjusted EBITDA to net income, the most directly comparable measure under GAAP:



Net Income	3,501		862		2,639		661		(2,513	)	3,174
Adjusted to exclude
Non-operating expenses, net	15,882		17,415		(1,533	)	23,925		24,835		(910	)
Income tax expense	2,358		853		1,505		(395	)	(2,494	)	2,099
Equity in earnings of TNI and MNI	(1,575	)	(708	)	(867	)	(1,900	)	(795	)	(1,105	)
Depreciation and amortization	10,288		7,450		2,838		10,689		7,651		3,038
Loss (gain) on sale of assets, net	111		62		49		(1,573	)	(13	)	(1,560	)
Impairment of intangible and other assets	2,517		819		1,698		2,382		1,820		562
Workforce adjustments and other	1,150		1,006		144		209		209		—
Stock compensation	524		524		—		592		592		—
Add:
Ownership share of TNI and MNI EBITDA (50%)	1,985		1,013		972		2,560		1,350		1,210
Adjusted EBITDA	36,741		29,296		7,445		37,150		28,822		6,508

Supplemental cash flow information
Distributions from MNI and TNI	1,762		750		1,012		2,906		1,405		1,501
Capital expenditures	(850	)	(802	)	(48	)	(1,301	)	(1,047	)	(254	)
Pension contributions	(106	)	(106	)	—		(2,290	)	(1,464	)	(826	)
Cash income tax refunds (payments)	(134	)	(164	)	30		6		6		—
Interest income	111		(1,422	)	1,533		74		—		74
Interest to be settled in cash	(13,654	)	(9,969	)	(3,685	)	(15,027	)	(11,028	)	(3,999	)
Debt financing and administrative costs	(2	)	(2	)	—		(378	)	(378	)	—



52 Weeks Ended (unaudited)
	September 24, 2017						September 25, 2016
(in thousands)	Consolidated		Lee Legacy		Pulitzer Inc.		Consolidated		Lee Legacy		Pulitzer Inc.
Operating revenue:
Advertising and marketing services	331,360		231,342		100,018		373,463		258,920		114,543
Subscription	191,922		133,993		57,929		194,002		133,153		60,849
Other	43,661		36,136		7,525		46,899		39,330		7,569
Total operating revenue	566,943		401,471		165,472		614,364		431,403		182,961
Operating expenses:
Compensation	209,692		160,598		49,094		229,752		175,166		54,586
Newsprint and ink	24,904		17,274		7,630		26,110		18,822		7,288
Other cash costs	199,754		118,792		80,962		218,726		123,600		95,126
Depreciation and amortization	41,282		29,643		11,639		43,441		30,666		12,775
Loss (gain) on sale of assets, net	(3,667	)	(3,657	)	(10	)	(3,139	)	643		(3,782	)
Impairment of intangible and other assets	2,517		819		1,698		2,185		1,820		365
Workforce adjustments and other	7,523		6,293		1,230		1,825		1,719		106
Total operating expenses	482,005		329,762		152,243		518,900		352,436		166,464
Equity in earnings of MNI and TNI	7,609		2,954		4,655		8,533		3,473		5,060
Operating income	92,547		74,663		17,884		103,997		82,440		21,557
Non-operating income (expense), net	(52,331	)	(57,049	)	4,718		(45,802	)	(48,988	)	3,186
Income tax expense	11,611		3,402		8,209		22,176		13,189		8,987
Net income	28,605		14,212		14,393		36,019		20,263		15,756

Adjusted EBITDA is a non-GAAP financial measure. Below is a reconciliation of adjusted EBITDA to net income, the most directly comparable measure under GAAP:



Net Income	28,605		14,212		14,393		36,019		20,263		15,756
Adjusted to exclude
Non-operating expenses, net	52,331		57,049		(4,718	)	45,802		48,988		(3,186	)
Income tax expense	11,611		3,402		8,209		22,176		13,189		8,987
Equity in earnings of TNI and MNI	(7,609	)	(3,821	)	(3,788	)	(8,533	)	(3,473	)	(5,060	)
Depreciation and amortization	41,282		29,643		11,639		43,441		30,666		12,775
Loss (gain) on sale of assets, net	(3,667	)	(3,657	)	(10	)	(3,139	)	643		(3,782	)
Impairment of intangible and other assets	2,517		819		1,698		2,185		1,820		365
Workforce adjustments and other	7,523		6,293		1,230		1,825		1,719		106
Stock compensation	2,088		2,088		—		2,306		2,306		—
Add:
Ownership share of TNI and MNI EBITDA (50%)	9,927		4,854		5,073		11,705		6,226		5,479
Adjusted EBITDA	144,608		110,882		33,726		153,787		120,527		31,440

Supplemental cash flow information:
Distributions from MNI and TNI	8,144		3,500		4,644		13,886		7,250		6,636
Capital expenditures	(4,078	)	(3,711	)	(367	)	(7,091	)	(6,281	)	(810	)
Pension contributions	(106	)	(106	)	—		(4,604	)	—		(4,604	)
Cash income tax refunds (payments)	(1,214	)	(1,215	)	1		(269	)	(263	)	(6	)
Interest income	372		(4,346	)	4,718		400		—		400
Interest to be settled in cash	(57,573	)	(42,268	)	(15,305	)	(64,233	)	(47,787	)	(16,446	)
Debt financing and administrative costs	(373	)	(373	)	—		(422	)	(378	)	(44	)