<SEC-DOCUMENT>0001058854-18-000068.txt : 20181227
<SEC-HEADER>0001058854-18-000068.hdr.sgml : 20181227
<ACCEPTANCE-DATETIME>20181227080222
ACCESSION NUMBER:		0001058854-18-000068
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20181227
DATE AS OF CHANGE:		20181227

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEE ENTERPRISES, INC
		CENTRAL INDEX KEY:			0000058361
		STANDARD INDUSTRIAL CLASSIFICATION:	NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
		IRS NUMBER:				420823980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0924

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-18297
		FILM NUMBER:		181253736

	BUSINESS ADDRESS:	
		STREET 1:		201 N. HARRISON STREET, STE. 600
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52801
		BUSINESS PHONE:		5633832100

	MAIL ADDRESS:	
		STREET 1:		201 N. HARRISON STREET, STE. 600
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEE ENTERPRISES INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANNELL CAPITAL LLC
		CENTRAL INDEX KEY:			0001058854
		IRS NUMBER:				943366999
		STATE OF INCORPORATION:			WY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		245 MERIWETHER CIRCLE
		CITY:			ALTA
		STATE:			WY
		ZIP:			83414
		BUSINESS PHONE:		4158358300

	MAIL ADDRESS:	
		STREET 1:		245 MERIWETHER CIRCLE
		CITY:			ALTA
		STATE:			WY
		ZIP:			83414

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CANNELL J CARLO DBA CANNELL CAPITAL MGMT
		DATE OF NAME CHANGE:	19980330
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>ccllc_lee-13da0.htm
<DESCRIPTION>SCHEDULE 13D
<TEXT>


<html>
<body>




<p style="MARGIN-TOP:10PX;MARGIN-BOTTOM:0PX" align="CENTER">
	<font style="FONT-FAMILY:TIMES NEW ROMAN" size="5">
		<b>
			SECURITIES AND EXCHANGE COMMISSION
		</b>
	</font>
</p>


<p style="MARGIN-TOP:0PX;MARGIN-BOTTOM:12PX" align="CENTER">
	<font style="FONT-FAMILY:TIMES NEW ROMAN" size="3">
		<b>
			Washington, D.C. 20549
		</b>
	</font>
</p>

<p style="MARGIN-TOP:16PX;MARGIN-BOTTOM:0PX" align="CENTER">
	<font style="FONT-FAMILY:TIMES NEW ROMAN" size="5">
		<b>
			SCHEDULE 13D
		</b>
	</font>
</p>

<p style="MARGIN-TOP:12PX;MARGIN-BOTTOM:0PX" align="CENTER">
	<font style="FONT-FAMILY:TIMES NEW ROMAN" size="3">
		<b>
			Under the Securities Exchange Act of 1934
		</b>
	</font>
</p>


<p style="MARGIN-TOP:0PX;MARGIN-BOTTOM:0PX" align="CENTER">
	<font style="FONT-FAMILY:TIMES NEW ROMAN" size="3">
		<b>
			(Amendment No. &nbsp)
			<sup></sup>
		</b>
	</font>
</p>

<p style="margin-top: 0; margin-bottom: 0; text-align: center">
	<hr width="250" align="center"></hr>
</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">
	<b>Lee Enterprises, Inc.</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">
	<b>(Name of Issuer)</b>
</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 10; margin-bottom: 0; text-align: center">
	<b>Common Stock, par value $0.01 per share</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">
	<b>(Title of Class of Securities)</b>
</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 16; margin-bottom: 0; text-align: center">
	<b>523768109</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 16; text-align: center">
	<b>(CUSIP Number)</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">
	<b>J. Carlo Cannell</b>
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">
	<b>Cannell Capital LLC</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">
		<b>245 Meriwether Circle</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">
	<b>Alta, WY
		<font style="text-transform: uppercase">
			83414
		</font>
	</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">
	<b>(307) 733-2284</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">
	<b>(Name, Address and Telephone Number of Person</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 16; text-align: center">
	<b>to Receive Notices and Communications)</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">
	<b>December 26, 2018</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 16; text-align: center">
	<b>(Date of Event Which Requires Filing of This Statement)</b>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6; text-align: center">
	<hr width="250" align="center"> </hr>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;">
	If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is
	the subject of this Schedule 13D, and is filing this schedule because of &sect;&sect;240.13d-1(e), 240.13d-1(f)
	or 240.13d-1(g), check the following box. &#9744;
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top 0; margain-bottom 0">
	<i>Note.</i>
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Schedules filed in paper format shall include a signed original and
	five copies of the schedule, including all exhibits. See &sect;240.13d-7
	for other parties to whom copies are to be sent.
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">
	(Continued on following pages)
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: center">
	(Page 1 of 9 Pages)
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">
	______________________
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0.5in 12pt 0">
	* The remainder of this cover page shall be filled out for a reporting person&rsquo;s
	initial filing on this form with respect to the subject class of securities, and
	for any subsequent amendment containing information which would alter disclosures
	provided in a prior cover page.
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0.5in 12pt 0">
	The information required on the remainder of this cover page shall not be deemed
	to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934
	(&ldquo;<u>Act</u>&rdquo;) or otherwise subject to the liabilities of that section of the Act
	but shall be subject to all other provisions of the Act (however,&nbsp;<i>see</i> the <i>Notes</i>).
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0.5in 12pt 0">
	Potential persons who are to respond to the collection of information contained
	in this form are not required to respond unless the form displays a current
	valid OMB control number.
</p>

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	<table style="width: 100%; font: 10pt Times New Roman, Times, Serif" cellpadding="0"    cellspacing="0">
		<tr>
			<td style="text-align: center; width: 100%">
				&nbsp;
			</td>
		</tr>
	</table>
</div>
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<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td><b> CUSIP No. 523768109</b></td>
		<td align="right"><b> Page 2 of 9 Pages</b></td>
	</tr>
</table>


 <!--Main T
 <!--Main Table-->
<table style="width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		1
	</td>
	<td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
		<p style="margin: 4pt 0 2pt">NAME OF REPORTING PERSON</p>
		<p style="margin: 0 0 4pt"> Cannell Capital LLC</p>
		<p style="margin: 0 0 4pt">I.R.S. Identification Nos. of above persons (entities only)</p>
		<p style="margin: 0 0 4pt">94-3366999</p>

	</td>

</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		2
	</td>
    <td colspan="3"  style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 8pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</p>
        <p style="margin: 0 0 2pt">(a)&nbsp; &#x2610; </p>
		<p style="margin: 0 0 4pt">(b)&nbsp; &#x2610;</p>
	</td>
	<td></td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		3
	</td>
    <td colspan="3"  style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 4pt">SEC USE ONLY</p>
	</td>
	<td></td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		4
	</td>
    <td colspan="3"  style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">SOURCE OF FUNDS</p>
        <p style="margin: 0 0 8pt">(see instructions)</p>
		<p style="margin: 0 0 4pt">WC/OO</p>
	</td>

	<td></td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		5
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) &nbsp;&#9744; or 2(e) &nbsp;&#9744; </p>

	</td>
	<td></td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		6
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">CITIZENSHIP OR PLACE OF ORGANIZATION</p>
        <p style="margin: 0 0 4pt">USA</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td colspan="2" rowspan="4" style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center; vertical-align: center;">
		<p style="margin: 25pt 0 0pt">NUMBER OF SHARES</p>
        <p style="margin: 4pt 0 0pt">BENEFICIALLY OWNED BY</p>
		<p style="margin: 4pt 0 0pt">EACH REPORTING </p>
		<p style="margin: 4pt 0 0pt">PERSON WITH</p>
	</td>
	    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
	7
	</td>
	<td style="border: black 1pt solid; padding-left: 6pt">
	    <p style="margin: 4pt 0 2pt">SOLE VOTING POWER*</p>
        <p style="margin: 0 0 4pt">2,414,129</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
	8
	</td>
	<td style="border: black 1pt solid; padding-left: 6pt">
	    <p style="margin: 4pt 0 2pt">SHARED VOTING POWER</p>
        <p style="margin: 0 0 4pt">0</p>
	</td>
</tr>



<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
	9
	</td>
	<td style="border: black 1pt solid; padding-left: 6pt">
		<p style="margin: 4pt 0 2pt">SOLE DISPOSITIVE POWER*</p>
        <p style="margin: 0 0 4pt">2,414,129</p>
	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
	10
	</td>
	<td style="border: black 1pt solid; padding-left: 6pt">
		<p style="margin: 4pt 0 2pt">SHARED DISPOSITIVE POWER</p>
        <p style="margin: 0 0 4pt">0</p>
	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		11
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</p>
        <p style="margin: 0 0 4pt">2,414,129</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		12
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt"> 	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  &#9744;</p>
        <p style="margin: 0 0 4pt">(see instructions)</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		13
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11</p>
        <p style="margin: 0 0 4pt">4.22%*</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		14
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">TYPE OF REPORTING PERSON</p>
        <p style="margin: 0 0 4pt">IA</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td width="50px"   style="border-bottom: none; border-left: none; border-right: none">
	</td>
	<td width="70px"  style="border-bottom: none; border-left: none; border-right: none">
	</td>
	<td width="50px" style="border-bottom: none; border-left: none; border-right: none">
	</td>
	<td style="border-bottom: none; border-left: none; border-right: none">
	</td>
</tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0">
	*	Based on information set forth on the Form 10-K of Lee Enterprises, Inc.,
	(the &ldquo;Company&rdquo;, &ldquo;Registrant&rdquo;, or &ldquo;HIIQ&rdquo;) as filed with the Securities and Exchange Commission on
	December 14, 2018, there were 57,148,888 shares of Common Stock par value $0.01
	per share (the &ldquo;Shares&rdquo;), of the Company issued and outstanding as of
	November 30, 2018.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2 0">
	&nbsp;&nbsp;&nbsp;As of December 26, 2018 (the &ldquo;Reporting Date&rdquo;), the Cuttyhunk Master Portfolio
	(&ldquo;Cuttyhunk&rdquo;), Tristan Partners, L.P. (&ldquo;Tristan&rdquo;),
	the Tristan Offshore Fund Ltd. (&ldquo;Tristan Offshore&rdquo;),
	Tonga Partners, L.P. (&ldquo;Tonga&rdquo;), and sundry separately managed accounts, over
	which J. Carlo Cannell has investment discretion (the &ldquo;Cannell SMAs&rdquo; and collectively
	with Cuttyhunk, Tonga, Tristan and Tristan Offshore, the &ldquo;Investment Vehicles&rdquo;),
	held in the aggregate 2,414,129 Shares.
</p>


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			<td style="text-align: center; width: 100%">
				&nbsp;
			</td>
		</tr>
	</table>
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<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td><b> CUSIP No. 523768109</b></td>
		<td align="right"><b> Page 3 of 9 Pages</b></td>
	</tr>
</table>


 <!--Main T
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<table style="width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		1
	</td>
	<td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
		<p style="margin: 4pt 0 2pt">NAMES OF REPORTING PERSONS</p>
		<p style="margin: 0 0 8pt">I.R.S. Identification Nos. of above persons (entities only)</p>
        <p style="margin: 0 0 8pt">J. Carlo Cannell</p>

	</td>

</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		2
	</td>
    <td colspan="3"  style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 8pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</p>
        <p style="margin: 0 0 2pt">(a)&nbsp; &#x2610; </p>
		<p style="margin: 0 0 4pt">(b)&nbsp; &#x2610;</p>
	</td>
	<td></td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		3
	</td>
    <td colspan="3"  style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 4pt">SEC USE ONLY</p>
	</td>
	<td></td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		4
	</td>
    <td colspan="3"  style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">SOURCE OF FUNDS</p>
        <p style="margin: 0 0 8pt">(see instructions)</p>
		<p style="margin: 0 0 4pt">WC/OO</p>
	</td>

	<td></td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		5
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) &nbsp;&#9744; or 2(e) &nbsp;&#9744; </p>

	</td>
	<td></td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		6
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">CITIZENSHIP OR PLACE OF ORGANIZATION</p>
        <p style="margin: 0 0 4pt">USA</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td colspan="2" rowspan="4" style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center; vertical-align: center;">
		<p style="margin: 25pt 0 0pt">NUMBER OF SHARES</p>
        <p style="margin: 4pt 0 0pt">BENEFICIALLY OWNED BY</p>
		<p style="margin: 4pt 0 0pt">EACH REPORTING </p>
		<p style="margin: 4pt 0 0pt">PERSON WITH</p>
	</td>
	    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
	7
	</td>
	<td style="border: black 1pt solid; padding-left: 6pt">
	    <p style="margin: 4pt 0 2pt">SOLE VOTING POWER*</p>
        <p style="margin: 0 0 4pt">2,414,129</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
	8
	</td>
	<td style="border: black 1pt solid; padding-left: 6pt">
	    <p style="margin: 4pt 0 2pt">SHARED VOTING POWER</p>
        <p style="margin: 0 0 4pt">0</p>
	</td>
</tr>



<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
	9
	</td>
	<td style="border: black 1pt solid; padding-left: 6pt">
		<p style="margin: 4pt 0 2pt">SOLE DISPOSITIVE POWER*</p>
        <p style="margin: 0 0 4pt">2,414,129</p>
	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
	10
	</td>
	<td style="border: black 1pt solid; padding-left: 6pt">
		<p style="margin: 4pt 0 2pt">SHARED DISPOSITIVE POWER</p>
        <p style="margin: 0 0 4pt">0</p>
	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		11
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</p>
        <p style="margin: 0 0 4pt">2,414,129</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		12
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt"> 	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  &#9744;</p>
        <p style="margin: 0 0 4pt">(see instructions)</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		13
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11</p>
        <p style="margin: 0 0 4pt">4.22%*</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td  style="border: black 1pt solid; padding-top: 4pt; padding-bottom: 12pt; text-align: center">
		14
	</td>
    <td colspan="3" style="border: black 1pt solid; padding-left: 6pt">
        <p style="margin: 4pt 0 2pt">TYPE OF REPORTING PERSON</p>
        <p style="margin: 0 0 4pt">IN</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;" >
    <td width="50px"   style="border-bottom: none; border-left: none; border-right: none">
	</td>
	<td width="70px"  style="border-bottom: none; border-left: none; border-right: none">
	</td>
	<td width="50px" style="border-bottom: none; border-left: none; border-right: none">
	</td>
	<td style="border-bottom: none; border-left: none; border-right: none">
	</td>
</tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0">
	*	Based on information set forth on the Form 10-K of Company as filed with the Securities and Exchange Commission on
	December 14, 2018, there were 57,148,888 shares of Common Stock par value $0.01
	per Share of Company issued and outstanding as of  November 30, 2018.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2 0">
	&nbsp;&nbsp;&nbsp;As of Reporting Date the Investment Vehicles held in the aggregate 2,414,129 Shares.
</p>



<div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
	<table style="width: 100%; font: 10pt Times New Roman, Times, Serif" cellpadding="0"    cellspacing="0">
		<tr>
			<td style="text-align: center; width: 100%">
				&nbsp;
			</td>
		</tr>
	</table>
</div>
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<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td><b> CUSIP No. 523768109</b></td>
		<td align="right"><b> Page 4 of 9 Pages</b></td>
	</tr>
</table>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2 0">
	&nbsp;&nbsp;&nbsp;Cannell Capital LLC acts as the investment adviser to to Tonga, Tristan,
	Tristan Offshore, the Cannell SMAs, and the investor sub-adviser for Cuttyhunk.
	Mr. J. Carlo Cannell is the sole managing member of Cannell Capital LLC.
	The Reporting Person possesses the sole power to vote and to direct
	the disposition of the Shares held by the Investment Vehicles.
</p>






<table style="width: 100%;border: black 1pt solid; border-collapse: collapse; " cellpadding="0" cellspacing="0">

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<th style="border: solid black 1pt; width: 35px"></th>
	<th style="border: solid black 1pt" width="15"></th>
	<th style="border: solid black 1pt"></th>
	<th style="border: solid black 1pt" width="150"></th>
	<th style="border: solid black 1pt" width="80"></th>
	<th style="border: solid black 1pt" width="80"></th>
	<th style="border: solid black 1pt" width="80"></th>
	<th style="border: solid black 1pt" width="100"></th>
	<th style="border: solid black 1pt" width="40"></th>
	<th style="border: solid black 1pt" width="100"></th>
	<th style="border: solid black 1pt"></th>
	<th style="border: solid black 1pt"  width="1"></th>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td colspan="12" style="border: black 1pt solid; margin 0 0 6 0">
		<b>Item 1.&nbsp;&nbsp;&nbsp;Security and Issuer</b>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td >
	</td>
	<td>
	</td>
	<td colspan="10" >
		The title of the class of equity securities to which this Schedule 13D relates is
	the Common Stock par value $0.01 per share of Lee Enterprises, Inc.,
	a Delaware corporation.  <br>
	The address of the principal executive offices of the
	Company is 201 N. Harrison Street, Suite 600, Davenport, Iowa 5280.
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td colspan="12" style="border: black 1pt solid; margin 0 0 6 0">
		<b>Item 2.&nbsp;&nbsp;&nbsp;Identity and Background</b>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td   >
	</td>
	<td>
	a)
	</td>
	<td colspan="10" >
	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left">
			The name of the Reporting Person is J. Carlo Cannell (the &ldquo;Reporting Person&rdquo;).
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: left">
			The Reporting Person is the sole managing member of Cannell Capital LLC, an
			investment sub-adviser for the Cuttyhunk Master Portfolio and investment adviser to
			the Cannell SMAs and to the following entities:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt">
			Tonga Partners, L.P.
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt">
			Tristan Partners, L.P.
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt">
			Tristan Offshore Fund, Ltd.
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 4pt 0">
			Set forth in the attached Annex "A" and incorporated herein by reference is a
			listing of the directors, general partners, managing members and controlling
			persons of the Reporting Person and the Investment Vehicles (collectively,
			the &ldquo;Covered Persons&rdquo;), and sets forth the principal occupation,
			citizenship and principal place of business of each Covered Person.
		</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td>
	</td>
	<td>
	b)
	</td>
	<td colspan="10">
	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left">
			The principal business address of the Reporting Person is:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt">
			245 Meriwether Circle
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 10pt">
			Alta, WY 83414
		</p>
	</td>
</tr>



<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td>
	</td>
	<td>
	c)
	</td>
	<td colspan="10">
	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt 0; text-align: left">
			The principal business of the Reporting Person is the performance of
			investment management and advisory services.  The principal business of the
			Investment Vehicles is investment in securities.
	</p>
	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td>
	</td>
	<td>
	d)
	</td>
	<td colspan="10">
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
			Neither the Reporting Person, nor to the best of its knowledge, any of the
			Investment Vehicles, has, in the last five years, been convicted in a criminal
			proceeding (excluding traffic violations or similar misdemeanors).
		</p>
	</td>
</tr>



<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td>
	</td>
	<td>
	e)
	</td>
	<td colspan="10">
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
			Neither the Reporting Person, nor to the best of its knowledge, any of the Investment
			Vehicles, has, during the last five years, been a party to a civil proceeding of
			a judicial or administrative body of competent jurisdiction and as a result of
			such proceeding was or is subject to a judgement, decree or final order
			enjoining future violations of, or prohibiting or mandating activities subject
			to, federal or state securities laws or finding any violations with respect to
			such laws.
		</p>
	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td>
	</td>
	<td>
	f)
	</td>
	<td colspan="10">
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt 0; text-align: left">
			The place of organization of the Reporting Person is as follows:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt 0; text-align: left">
			The citizenship of each Covered Person is set forth on the attached Annex A
			and incorporated herein by reference.
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
			Mr. J. Carlo Cannell is the Managing Member of Cannell Capital LLC, a Wyoming
			limited liability company.
		</p>
	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td colspan="12" style="border: black 1pt solid; margin 0 0 6 0">
		<b>Item 3.&nbsp;&nbsp;&nbsp;Source and Amount of Funds or Other Consideration</b>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td>
	</td>
	<td>
	</td>
	<td colspan="10" >
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt 0; text-align: left">
			The securities to which this statement relates were acquired by the Reporting
			Person using the working capital of each Investment Vehicle as follows:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 10pt; text-align: left">
			The Cuttyhunk Master Portfolio: $134,424
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 10pt; text-align: left">
			Tonga Partners, L.P.: $541,025
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 10pt; text-align: left">
			Tristan Partners, L.P.: $3,339,579
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 10pt; text-align: left">
			Tristan Offshore Fund, Ltd.: $1,718,877
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 10pt; text-align: left">
			The Investment Vehicles have invested an aggregate amount of approximately $5,733,905 in the Shares.
		</p>
	</td>
</tr>

</table>


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		<tr>
			<td style="text-align: center; width: 100%">
				&nbsp;
			</td>
		</tr>
	</table>
</div>
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<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td><b> CUSIP No. 523768109</b></td>
		<td align="right"><b> Page 5 of 9 Pages</b></td>
	</tr>
</table>


<table style="width: 100%;border: black 1pt solid; border-collapse: collapse; table-layout: fixed; " cellpadding="0" cellspacing="0">

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<th style="border: solid black 1pt; width: 35px"></th>
	<th style="border: solid black 1pt" width="15"></th>
	<th style="border: solid black 1pt"></th>
	<th style="border: solid black 1pt" width="150"></th>
	<th style="border: solid black 1pt" width="80"></th>
	<th style="border: solid black 1pt" width="80"></th>
	<th style="border: solid black 1pt" width="80"></th>
	<th style="border: solid black 1pt" width="40"></th>
	<th style="border: solid black 1pt" width="100"></th>
	<th style="border: solid black 1pt" width="40"></th>
	<th style="border: solid black 1pt"></th>
	<th style="border: solid black 1pt"  width="1"></th>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td colspan="12" style="border: black 1pt solid; margin 0 0 6 0">
		<b>Item 4.&nbsp;&nbsp;&nbsp;Purpose of Transaction</b>
	</td>
</tr>

<tr></tr
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td>
	</td>
	<td>
	</td>
	<td colspan="10">


		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: left">
			 <br>
			 Cannell Capital LLC, on behalf of the Investment Vehicles, identified the Company as an
			 entity satisfying each of the Investment Vehicle's investment criteria.  The Investment Vehicles acquired and continue
			 to hold the Shares as a long-term investment.
			 <br></br>
			 Mr. Cannell files the attached document as Exhibit 99.
			 <br></br>
			 CC reserves the right to discuss various views and opinions with respect to
			 the Company and its business plans with the Company or the members of its senior
			 management. The discussion of such views and opinions may extend from ordinary
			 day-to-day business operations to matters such as nominees for representation on the
			 Company&rsquo;s board of directors, senior management decisions and extraordinary business
			 transactions.  Mr. Cannell reserves the right to take such action as he may deem
			 necessary from time to time to seek to maximize the value of the Shares.  Such
			 actions may include, but may not necessarily be limited to, pursuit of strategic
			 initiatives to enhance shareholder value.
			 <br><br>
			 CC may engage in any of the actions specified in Items 4(a) through 4(j) to the Schedule 13D general instructions.
			 <br><br>
			 Except as set forth above and in Exhibit 99, CC has no
			 present plans or proposals that relate to or would result in any of the
			 transactions described in Item 4 of Schedule 13D.

		</p>

	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td colspan="12" style="border: black 1pt solid; margin 0 0 6 0">
			<b>Item 5.&nbsp;&nbsp;&nbsp;Interest in Securities of the Issuer</b>
	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td>
	</td>
	<td>
	</td>
	<td colspan="10">
	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">

		Based on information set forth in the Company's Form 10-K as filed with the
		Securities and Exchange Commission on December 14, 2018, there were 57,148,888
		Common Shares issued and outstanding as of November 30, 2018.
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 10pt; text-align: left">
			(a)&nbsp;&nbsp;As of the Reporting Date, for the purposes of Reg. Section 240.13d-3, Cannell
				Capital LLC may be deemed to beneficially own 2,414,129 Shares, or approximately
				4.22% of the Shares deemed issued and outstanding as of the Reporting Date.
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 10pt; text-align: left">

			(b)&nbsp;&nbsp;Cannell Capital LLC possesses the sole power to vote and to direct
			the disposition of the Shares held by the Investment Vehicles.
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 10pt; text-align: left">
			(c)&nbsp;&nbsp;The following table details the transactions during the sixty days on or prior
			to the Reporting Date in Shares, or securities convertible into, exercisable for or
			exchangeable for Shares, by Cannell Capital LLC or any other person or entity
			controlled by him or any person or entity for which he possesses voting or
			investment control over the securities thereof (each of which was effected in
			an ordinary brokerage transaction by Cannell Capital LLC on behalf
			of the Investment Vehicles).
		</p>
	</td>
</tr>


<!-- TABLE WITH TRNS -->



    <tr style="vertical-align:bottom; font: 10pt bold Times New Roman, Times, Serif;">
      <td></td>
      <td></td>
	  <td></td>
      <td align="left" style="border-bottom: black 1pt solid;">Entity</td>
      <td align="left" style="border-bottom: black 1pt solid;">Date</td>
      <td align="right" style="border-bottom: black 1pt solid;">Quantity</td>
      <td align="right" style="border-bottom: black 1pt solid;">Price <p style="margin: 0 0 0 0">Per Share</p></td>
	  <td style="border-bottom: black 1pt solid;"> </td>
      <td align="left" style="border-bottom: black 1pt solid;">Form Of<p style="margin: 0 0 0 0"> Transaction</p></td>
      <td  colspan="3" style="border-right: black 1pt solid;"></td>
   </tr>

<tr>
      <td colspan="12" style="vertical-align:bottom; font: 10pt bold Times New Roman, Times, Serif;">&nbsp </td>

</tr>

<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Cuttyhunk</td><td align="left">12/17/2018</td><td align="right">45,987</td><td align="right">1.9322</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Tonga</td><td align="left">12/17/2018</td><td align="right">186,313</td><td align="right">1.9322</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Cuttyhunk</td><td align="left">12/18/2018</td><td align="right">1,150</td><td align="right">1.8928</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Tonga</td><td align="left">12/18/2018</td><td align="right">4,661</td><td align="right">1.8928</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Cuttyhunk</td><td align="left">12/19/2018</td><td align="right">5,405</td><td align="right">1.9219</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Tonga</td><td align="left">12/19/2018</td><td align="right">21,896</td><td align="right">1.9219</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Cuttyhunk</td><td align="left">12/20/2018</td><td align="right">7,726</td><td align="right">2.0188</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Tonga</td><td align="left">12/20/2018</td><td align="right">31,298</td><td align="right">2.0188</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Cuttyhunk</td><td align="left">12/21/2018</td><td align="right">19</td><td align="right">2.0100</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Tonga</td><td align="left">12/21/2018</td><td align="right">81</td><td align="right">2.0100</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Cuttyhunk</td><td align="left">12/24/2018</td><td align="right">7,313</td><td align="right">1.9867</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Tonga</td><td align="left">12/24/2018</td><td align="right">28,115</td><td align="right">1.9867</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Cuttyhunk</td><td align="left">12/26/2018</td><td align="right">1,431</td><td align="right">1.9834</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>
<tr style="vertical-align:bottom; font: 10pt Times New Roman, Times, Serif;"><td></td><td></td><td></td><td align="left">Tonga</td><td align="left">12/26/2018</td><td align="right">5,505</td><td align="right">1.9834</td><td></td><td align="left">Buy</td><td  colspan="3" style="border-right: black 1pt solid;"></td></tr>

<tr>
      <td colspan="12" style="vertical-align:bottom; font: 10pt bold Times New Roman, Times, Serif;">&nbsp </td>

</tr>

</table>


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		<tr>
			<td style="text-align: center; width: 100%">
				&nbsp;
			</td>
		</tr>
	</table>
</div>
<!-- Field: /Page -->



<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td><b> CUSIP No. 523768109</b></td>
		<td align="right"><b> Page 6 of 9 Pages</b></td>
	</tr>
</table>


<table style="width: 100%;border: black 1pt solid; border-collapse: collapse; table-layout: fixed; " cellpadding="0" cellspacing="0">

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	<th style="border: solid black 1pt; width: 35px"></th>
	<th style="border: solid black 1pt" width="15"></th>
	<th style="border: solid black 1pt"></th>
	<th style="border: solid black 1pt" width="150"></th>
	<th style="border: solid black 1pt" width="80"></th>
	<th style="border: solid black 1pt" width="80"></th>
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	<th style="border: solid black 1pt"  width="1"></th>
</tr>





<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td colspan="12" style="border: black 1pt solid; margin 0 0 6 0">
		<b>Item 6.&nbsp;&nbsp;&nbsp;Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</b>
	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td>
	</td>
	<td>
	</td>
	<td colspan="10">
	None
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td colspan="12" style="border: black 1pt solid; margin 0 0 6 0">
		<b>Item 7.&nbsp;&nbsp;&nbsp;Material to Be Filed as Exhibits</b>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td>
	</td>
	<td>
	</td>
	<td colspan="10">
	Exhibit 99
	</td>
</tr>


</table>





<div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
	<table style="width: 100%; font: 10pt Times New Roman, Times, Serif" cellpadding="0"    cellspacing="0">
		<tr>
			<td style="text-align: center; width: 100%">
				&nbsp;
			</td>
		</tr>
	</table>
</div>
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<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td><b> CUSIP No. 523768109</b></td>
		<td align="right"><b> Page 7 of 9 Pages</b></td>
	</tr>
</table>







<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align:center">
	SIGNATURE
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">
	After reasonable inquiry and to the best of my knowledge and belief,
	I certify that the information set forth in this statement is true, complete and correct.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">
	Dated:&nbsp;&nbsp;December 26, 2018
</p>



<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td></td>
		<td width="50%" align="left" >
			<p style="font:  10pt Times New Roman, Times, Serif; margin: 0 0 12pt">
				Cannell Capital LLC
			</p>
			<p style="font:  10pt Times New Roman, Times, Serif; margin: 0 0 6pt">
				<u>By:&nbsp;&nbsp;/s/ J. Carlo Cannell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
			</p>
						<p style="font:  10pt Times New Roman, Times, Serif; margin: 0 0 0pt">
				Name:&nbsp;&nbsp;J. Carlo Cannell
			</p>
						<p style="font:  10pt Times New Roman, Times, Serif; margin: 0 0 12pt">
				Title:&nbsp;&nbsp;Managing Member
			</p>
		</td>
	</tr>
</table>


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<div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
		<table style="width: 100%; font: 10pt Times New Roman, Times, Serif" cellpadding="0" cellspacing="0">
				<tr>
					<td style="text-align: center; width: 100%">&nbsp;</td>
				</tr>
		</table>
	</div>
    <!-- Field: /Page -->



<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td><b> CUSIP No. 523768109</b></td>
		<td align="right"><b> Page 8 of 9 Pages</b></td>
	</tr>
</table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt;text-align: center;">
	Annex "A"
</p>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">
	MANAGERS AND GENERAL PARTNERS OF THE REPORTING PERSON AND THE INVESTMENT VEHICLES
</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">
	The following sets forth the name, principal occupation, citizenship or
	jurisdiction of organization and principal place of business of the
	directors, general partners, managing members or controlling persons
	of the Reporting Person and the Investment Vehicles (the &ldquo;Covered Persons&rdquo;) indicated below:
</p>

<!--- Signature table-->



<table style="width: 100%;border: none; border-collapse: collapse" cellpadding="0" cellspacing="0">



<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
	<b>J. Carlo Cannell</b>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4 0; text-align: left;">

	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Name:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Title or Relationship with Reporting Person:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Principal Occupation or Employment:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Citizenship or Jurisdiction of Organization:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		Principal Place of Business:
		</p>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
				<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		J. Carlo Cannell
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Managing Member
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Investment Management
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Wyoming, United States
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		(1)
		</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
	<b>Cannell Capital LLC</b>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4 0; text-align: left;">

	</td>
</tr>


<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Name:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Title or Relationship with Reporting Person:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Principal Occupation or Employment:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Citizenship or Jurisdiction of Organization:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		Principal Place of Business:
		</p>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
				<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		J. Carlo Cannell
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Managing Member
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Investment Management
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Wyoming, United States
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		(1)
		</p>
	</td>
</tr>



<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
	<b>Tonga Partners, L.P.</b>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4 0; text-align: left;">

	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Name:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Title or Relationship with Reporting Person:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Principal Occupation or Employment:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Citizenship or Jurisdiction of Organization:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		Principal Place of Business:
		</p>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
				<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Cannell Capital LLC
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Investment Adviser and General Partner
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Investment Management
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Wyoming, United States
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		(1)
		</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
	<b>The Cuttyhunk Master Portfolio</b>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4 0; text-align: left;">

	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Name:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Title or Relationship with Reporting Person:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Principal Occupation or Employment:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Citizenship or Jurisdiction of Organization:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		Principal Place of Business:
		</p>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
				<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Cannell Capital LLC
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Investment Subadviser
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Investment Management
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Wyoming, United States
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		(1)
		</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
	<b>Tristan Partners, L.P.</b>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4 0; text-align: left;">

	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Name:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Title or Relationship with Reporting Person:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Principal Occupation or Employment:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Citizenship or Jurisdiction of Organization:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		Principal Place of Business:
		</p>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
				<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Cannell Capital LLC
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Investment Adviser and General Partner
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Investment Management
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Wyoming, United States
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		(1)
		</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
	<b>Tristan Offshore Fund, Ltd.</b>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4 0; text-align: left;">

	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Name:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Title or Relationship with Reporting Person:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0; text-align: left">
		Principal Occupation or Employment:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Citizenship or Jurisdiction of Organization:
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		Principal Place of Business:
		</p>
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
				<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Cannell Capital LLC
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Investment Adviser
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Investment Management
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0; text-align: left">
		Cayman Islands
		</p>
		<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt 0; text-align: left">
		(2)
		</p>
	</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
	<td width="400" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
	</td>
	<td style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: left;">
	</td>
</tr>

</table>

	<!-- Field: Page; Sequence:   SIGNATURE PAGE-->

<div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
		<table style="width: 100%; font: 10pt Times New Roman, Times, Serif" cellpadding="0" cellspacing="0">
				<tr>
					<td style="text-align: center; width: 100%">&nbsp;</td>
				</tr>
		</table>
	</div>
    <!-- Field: /Page -->



<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td><b> CUSIP No. 523768109</b></td>
		<td align="right"><b> Page 9 of 9 Pages</b></td>
	</tr>
</table>



<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt;text-align: center;">
	Annex "B"
</p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt;text-align: center;">
	Agreement Regarding the Joint Filing of Schedule 13D
</p>


<table>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
<td>1)</td>
<td>
	Each of them is individually eligible to use the Schedule 13D to which this
	Exhibit is attached, and such Schedule 13D is filed on behalf each of them;
</td>
</tr>

<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif;">
<td>2)</td>
<td>
	Each of them is responsible for the timely filing of such Schedule 13D and
	any amendments thereto, and for the completeness and accuracy of the
	information concerning such person contained therein; but none of them is
	responsible for the completeness or accuracy of the information concerning the
	other persons making the filing, unless such person knows or has reason to
	believe that such information is inaccurate.
</td>
</tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt">
	Dated:&nbsp;&nbsp;December 26, 2018
</p>


<!-- Signatures-->

<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td></td>
		<td width="50%" align="left" >

			<p style="font:  10pt Times New Roman, Times, Serif; margin: 0 0 6pt">
				<u>By:&nbsp;&nbsp;/s/ J. Carlo Cannell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
			</p>
						<p style="font:  10pt Times New Roman, Times, Serif; margin: 0 0 0pt">
				Name:&nbsp;&nbsp;J. Carlo Cannell
			</p>

		</td>
	</tr>
</table>

<table width="100%" >
	<tr style="font: 10pt Times New Roman, Times, Serif;">
		<td></td>
		<td width="50%" align="left" >
			<p></p>
			<p style="font:  10pt Times New Roman, Times, Serif; margin: 0 0 6pt">
				Cannell Capital LLC
			</p>
			<p style="font:  10pt Times New Roman, Times, Serif; margin: 0 0 6pt">
				<u>By:&nbsp;&nbsp;/s/ J. Carlo Cannell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
			</p>
						<p style="font:  10pt Times New Roman, Times, Serif; margin: 0 0 0pt">
				Name:&nbsp;&nbsp;J. Carlo Cannell
			</p>
						<p style="font:  10pt Times New Roman, Times, Serif; margin: 0 0 12pt">
				Title:&nbsp;&nbsp;Managing Member
			</p>
		</td>
	</tr>
</table>







</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit_99.htm
<TEXT>
<!DOCTYPE html>
<html>
<head>
</head>

<body>

<p style="MARGIN-TOP:30PX;MARGIN-BOTTOM:0PX" align="CENTER">
	<font style="FONT-FAMILY:TIMES NEW ROMAN" size="3">
		<b>
			Cannell Capital LLC
		</b>
	</font>
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	<font style="FONT-FAMILY:TIMES NEW ROMAN" size="2">
			245 Meriwether Circle
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	<font style="FONT-FAMILY:TIMES NEW ROMAN" size="2">
			Alta, WY 83414
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<p style="MARGIN-TOP:0PX;MARGIN-BOTTOM:0PX" align="CENTER">
	<font style="FONT-FAMILY:TIMES NEW ROMAN" size="2">
			<b>&#9743 Tel</b> (307) 733-2284 <b> &#x1f4e0; Fax</b> (307) 264-0600
	</font>
</p>

<p style="MARGIN-TOP:0PX;MARGIN-BOTTOM:12PX" align="CENTER">
	<font style="FONT-FAMILY:TIMES NEW ROMAN" size="2">
			<b>&#9993 </b> info@cannellcap.com
	</font>
</p>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	Having enjoyed many conversations with members of the BOD and officers of Lee Enterprises, Inc. (&ldquo;LEE&rdquo;)
	with scant positive action by LEE, Cannell Capital LLC (&ldquo;CC&rdquo;) herein files a Schedule 13D.
</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	CC believes that LEE&rsquo;s equity offers great value to shareholders, the rationale for which is the Company&rsquo;s transition
	from terrible to bad (and maybe even fair). It is the experience of CC that a transition from terrible to bad yields
	tremendous upside to an abandoned equity like LEE which has no sell-side coverage and little buy-side sponsorship.
</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	LEE&rsquo;s market value (exclusive of debt) peaked at $2.1 billion in 2004. Today it is worth $120 million representing a
	loss of more than $1.9 billion. LEE exited from a pre-packaged bankruptcy in January 2012 at which time the interest
	rate on its debt increased by about four percent and creditors were given 13 percent of the equity - a bad outcome
	for common shareholders.
</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	In fairness to management, some of the blame can be attributed to secular shifts in newspapers. But sadly the
	pre-bankruptcy management was unwilling, or incapable of, sensing the tectonic shift ahead. Worse, management
	and the Board of Directors blessed a toxic acquisition of The St. Louis Post-Dispatch in 2005 for $1.5 billion - an urban
	property misaligned with the Company&rsquo;s legacy and expertise. This was the wrong property bought at a terrible time
	for a very high price. This acquisition led to the bankruptcy petition.
</p>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	Mary E. Junck was the CEO during this time (from January 2002 to February 2016). Despite &ldquo;cost-cutting&rdquo; being one of LEE&rsquo;s
	core mantras, Junck has taken more than $40 million of compensation out of the Company since January 2002 - $23 million pecuniary
	and more than $16 million non-pecuniary (largely stock)<sup style="font: 9pt Times New Roman, Times, Serif">1</sup>.  CC does not define this behavior as cost-cutting.
</p>



<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	In February 2016, with the equity value down $2 billion from its 2004 peak, Mrs. Junck became Executive Chairperson.
	In 2016 and 2017, Junck received nearly $2 million of compensation each year, of which about 67% was cash. On December 10th 2018,
	Ms. Junck was demoted from &ldquo;Executive Chairman&rdquo; to &ldquo;Chairman&rdquo;, a step in the right direction but too little too late in the opinion of CC.
</p>



<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	The most recent proxy dated February 2018, suggests that only Junck and Gregory P. Schermer own any significant
	piece of LEE: 3.3% and 2.2%, respectively. Few directors have much skin in the game and it appears that few of the
	shares they do own were purchased. Excluding Junck and current CEO Kevin Mowbray, the board of directors have enjoyed
	$8.2 million of total compensation for the ten years ending December 2017. CC does not define this behavior as cost-cutting.
</p>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	The common wisdom is that newspapers are dying. Not so at The New York Times and a few other properties which have
	been able to pivot away from newsprint to other means of distribution. It is the opinion of CC that the internet
	has dramatically increased the creation and consumption of perishable news and that such
	shift benefits those with wide moats like LEE.

</p>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	The problem (now) with LEE is that the incumbents lack (i) skin in the game; (ii) relevant experience
	for the changes required; and (iii) capital markets knowledge.

</p>


<hr></hr>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
<sup style="font: 9pt Times New Roman, Times, Serif">1</sup>&nbsp For compensation data, see the Company&rsquo;s proxy
filings for the years 2002 to 2017. To see Ms. Junck profess her cost-cutting bona fides, see the LEE earnings
conference call dated August 5, 2018 (p. 6) and the LEE investor presentation dated June 6, 2016.
</p>


<div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
	<table style="width: 100%; font: 12pt Times New Roman, Times, Serif" cellpadding="0"    cellspacing="0">
		<tr>
			<td style="text-align: center; width: 100%">
				&nbsp;
			</td>
		</tr>
	</table>
</div>
<!-- Field: /Page -->



<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	CC reserves all rights to take action to enhance value for all shareholders and to this end has identified six qualified directors,
	three of whom are considering consent for inclusion officially as candidates.
</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	<b>Table 1: A Musty Board that Fails to Eat What They Bake</b>
</p>

<table style="border-collapse: collapse; " cellpadding="0" cellspacing="0">

<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<th style="border-bottom: black 1pt solid; text-align: left" width="200">Director</th>
	<th style="border-bottom: black 1pt solid; text-align: left" width="80">Tenure</th>
	<th style="border-bottom: black 1pt solid; text-align: Right" width="80">Shares Held</th>
	<th style="border-bottom: black 1pt solid; text-align: Right" width="10"></th>
	<th style="border-bottom: black 1pt solid; text-align: Right" width="80">Ownership</th>
</tr>

<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td>Mary E. Junck
	</td>
	<td>1999
	</td>
	<td style="margin-left: 12pt;text-align: Right">1,865,972
	</td>
	<td>
	</td>
	<td style="margin-left: 12pt;text-align: Right">3.3%
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td>Gregory P. Schermer
	</td>
	<td>1999
	</td>
	<td style="margin-left: 12pt;text-align: Right">1,230,091
	</td>
	<td>
	</td>
	<td style="margin-left: 12pt;text-align: Right">2.2%
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td>Kevin D. Mowbray
	</td>
	<td>2016
	</td>
	<td style="margin-left: 12pt;text-align: Right">659,563
	</td>
	<td>
	</td>
	<td style="margin-left: 12pt;text-align: Right">1.2%
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td>William "Bill" E. Mayer
	</td>
	<td>1998
	</td>
	<td style="margin-left: 12pt;text-align: Right">201,979
	</td>
	<td>
	</td>
	<td style="margin-left: 12pt;text-align: Right">0.4%
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td >Nancy S. Donovan
	</td>
	<td>2003
	</td>
	<td style="margin-left: 12pt;text-align: Right">117,603
	</td>
	<td>
	</td>
	<td style="margin-left: 12pt;text-align: Right">0.2%
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td >Herbert W. Moloney III
	</td>
	<td>2001
	</td>
	<td style="margin-left: 12pt;text-align: Right">96,000
	</td>
	<td>
	</td>
	<td style="margin-left: 12pt;text-align: Right">0.2%
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td >Dr. Richard R. Cole
	</td>
	<td>2006
	</td>
	<td style="margin-left: 12pt;text-align: Right">86,000
	</td>
	<td>
	</td>
	<td style="margin-left: 12pt;text-align: Right">0.2%
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td >Leonard J. Elmore
	</td>
	<td>2008
	</td>
	<td style="margin-left: 12pt;text-align: Right">85,693
	</td>
	<td>
	</td>
	<td style="margin-left: 12pt;text-align: Right">0.2%
	</td>
</tr>

<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td >Brent Magid
	</td>
	<td>2010
	</td>
	<td style="margin-left: 12pt;text-align: Right">80,200
	</td>
	<td>
	</td>
	<td style="margin-left: 12pt;text-align: Right">0.1%
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td colspan="5">	<i>Source: Lee Enterprises Schedule 14A Definitive Proxy filed January 12, 2018.</i>
	</td>
</tr>
</table>

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	<table style="width: 100%; font: 10pt Times New Roman, Times, Serif" cellpadding="0"    cellspacing="0">
		<tr>
			<td style="text-align: center; width: 100%">
				&nbsp;
			</td>
		</tr>
	</table>
</div>
<!-- Field: /Page -->


<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0">
	<b>Table 2: Stable Cash Flow Generation; Declining Debt</b>
</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0">
	<b>($ Million, FY September)</b>
</p>

<table style="border-collapse: collapse; " cellpadding="0" cellspacing="0">
	<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
		<th style="border-bottom: black 1pt solid; text-align: Right" width="250"></th>
		<th style="border-bottom: black 1pt solid; text-align: Right" width="80">2016</th>
		<th style="border-bottom: black 1pt solid; text-align: Right" width="80">2017</th>
		<th style="border-bottom: black 1pt solid; text-align: Right" width="80">2018</th>
		<th style="border-bottom: black 1pt solid; text-align: Right" width="80">2019E</th>
	</tr>

	<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
		<td>EBITDA
		</td>
		<td style="margin-left: 12pt;text-align: Right">$153
		</td>
		<td style="margin-left: 12pt;text-align: Right">$145
		</td>
		<td style="margin-left: 12pt;text-align: Right">$135
		</td>
		<td style="margin-left: 12pt;text-align: Right">$132
		</td>
	</tr>
	<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
		<td>CFO
		</td>
		<td style="margin-left: 12pt;text-align: Right">79
		</td>
		<td style="margin-left: 12pt;text-align: Right">72
		</td>
		<td style="margin-left: 12pt;text-align: Right">59
		</td>
		<td style="margin-left: 12pt;text-align: Right">71
		</td>
	</tr>
	<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
		<td>CFC
		</td>
		<td style="margin-left: 12pt;text-align: Right">72
		</td>
		<td style="margin-left: 12pt;text-align: Right">68
		</td>
		<td style="margin-left: 12pt;text-align: Right">53
		</td>
		<td style="margin-left: 12pt;text-align: Right">65
		</td>
	</tr>
	<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
		<td>Debt (EOP)
		</td>
		<td style="margin-left: 12pt;text-align: Right">617
		</td>
		<td style="margin-left: 12pt;text-align: Right">548
		</td>
		<td style="margin-left: 12pt;text-align: Right">485
		</td>
		<td style="margin-left: 12pt;text-align: Right">423
		</td>
	</tr>
	<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
		<td colspan="4">	<i>Source: Company filings and Cannell Capital estimates.</i>
		</td>
	</tr>
</table>

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	<table style="width: 100%; font: 10pt Times New Roman, Times, Serif" cellpadding="0"    cellspacing="0">
		<tr>
			<td style="text-align: center; width: 100%">
				&nbsp;
			</td>
		</tr>
	</table>
</div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">
	<b>Table 3: Intriguing Statistics</b>
</p>

<table style="border-collapse: collapse; " cellpadding="0" cellspacing="0">

<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<th style="text-align: left" width="250"></th>
	<th style="text-align: left" width="80"></th>
</tr>

<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td>Monthly Page Views<sup style="font: 9pt Times New Roman, Times, Serif">2</sup>
	</td>
	<td>290 million
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td>Monthly Unique Visitors
	</td>
	<td>33 million
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td>Digital Growth (2018)
	</td>
	<td>5%
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td>PSR (2018)
	</td>
	<td>0.2x
	</td>
</tr>
<tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif;">
	<td colspan="4">	<i>Source: Company filings and Cannell Capital estimates.</i>
	</td>
</tr>
</table>



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