<SEC-DOCUMENT>0001183010-20-000003.txt : 20200212
<SEC-HEADER>0001183010-20-000003.hdr.sgml : 20200212
<ACCEPTANCE-DATETIME>20200212110654
ACCESSION NUMBER:		0001183010-20-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200210
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200212
DATE AS OF CHANGE:		20200212

FILER:

	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:			0927

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06227
		FILM NUMBER:		20601552

	BUSINESS ADDRESS:	
		STREET 1:		4600 E. 53RD STREET
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52807
		BUSINESS PHONE:		5633832100

	MAIL ADDRESS:	
		STREET 1:		4600 E. 53RD STREET
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEE ENTERPRISES, INC
		DATE OF NAME CHANGE:	20050610

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEE ENTERPRISES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k021020.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">UNITED STATES</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Washington, D.C. 20549</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FORM 8-K</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CURRENT REPORT</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PURSUANT TO SECTION 13 OR 15(d) OF THE</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SECURITIES EXCHANGE ACT OF 1934</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date of Report (Date of earliest event reported):&#160;&#160;February 10, 2020</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">_____________________________________________________</font></div>
    <div style="text-align: center; margin-left: 4.3pt; margin-top: 12pt; margin-bottom: 3pt;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">LEE ENTERPRISES, INCORPORATED</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;(Exact name of Registrant as specified in its charter)</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">_______________________________________________________________________</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Delaware</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(State of Incorporation)</font></div>
          </td>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1-6227</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Commission File Number)</font></div>
          </td>
          <td style="width: 36.74%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42-0823980</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(I.R.S. Employer Identification No.)</font></div>
          </td>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4600 E. 53<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Street, Davenport, IA 52807</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Address of Principal Executive Offices)</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(563) 383-2100</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Registrant&#8217;s telephone number, including area code</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
        registrant under any of the following provisions:</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160; ]&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160; ]&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160; ]&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160; ]&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> registered pursuant to Section 12(b)
          of the Act:</font></font></div>
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            <div>&#160;</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title of each class</font></div>
          </td>
          <td style="width: 0.77%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 24.48%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trading Symbol(s)</font></div>
          </td>
          <td style="width: 1.48%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 35.42%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name of each exchange on which registered</font></div>
          </td>
        </tr>
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          <td style="width: 37.86%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Common Stock, $.01 par value per share</font></div>
          </td>
          <td style="width: 0.77%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 24.48%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">LEE</font></div>
          </td>
          <td style="width: 1.48%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 35.42%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New York Stock Exchange</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of
        this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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          <td style="width: 37.43%; vertical-align: top;">&#160;</td>
          <td style="width: 22.94%; vertical-align: top;">&#160;</td>
          <td style="width: 39.63%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;[&#160; ]</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 100%; vertical-align: top;">
            <div>&#160;</div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for
                complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; [&#160; ]</font></div>
          </td>
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        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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    <div style="text-align: left;"><font style="font-size: 12pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform:
        none;">Item 8.01.</font><font style="display: inline-block; text-indent: 0px; font-size: 12pt; width: 72pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-style: normal;
        font-variant: normal; text-transform: none;">&#160;</font><font style="font-size: 12pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant:
        normal; text-transform: none;">Other Events.</font></div>
    <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">As previously
        announced, on January 29, 2020, Lee Enterprises, Incorporated (&#8220;Lee&#8221;) entered into an Asset and Stock Purchase Agreement with Berkshire Hathaway Inc. (&#8220;Berkshire&#8221;) and BH Media Group, Inc. (&#8220;BH Media&#8221;, together with Berkshire, &#8220;BH&#8221;)&#160;and agreed to
        purchase all of the issued and outstanding capital stock of The Buffalo News (collectively, the &#8220;Transactions&#8221;).&#160; The completion of the Transactions is conditioned upon, among other things, expiration or termination of the applicable waiting period
        under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (&#8220;HSR Act&#8221;), relating to the consummation of the Transactions.</div>
      <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
      </div>
      <div style="text-align: justify; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">On February 10, 2020,
        Lee and BH each received notification from the Federal Trade Commission of early termination of its respective waiting period under the HSR Act, in connection with the Transactions.</div>
      <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
      </div>
      <div style="text-align: justify; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">The completion of the
        Transactions is subject to the closing of the financing of the Transactions and refinancing of Lee&#8217;s existing credit facilities under that certain Credit Agreement dated as of January 29, 2020, between Lee and BH Finance, LLC, and other customary
        closing conditions.&#160; Lee expects to close the Transactions by mid-March 2020.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
    </div>
    <div style="text-align: center; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><font style="font-weight:
        bold;">FORWARD-LOOKING STATEMENTS</font></div>
    <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
    </div>
    <div style="text-align: justify; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">The Private Securities
      Litigation Reform Act of 1995 provides a &#8220;safe harbor&#8221; for forward-looking statements. This Form 8-K contains information that may be deemed forward-looking that is based largely on our current expectations.&#160; Forward-looking statements are not
      guarantees of future performance and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties, which in some instances are
      beyond our control, are:</div>
    <div style="text-align: justify; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

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            <td style="width: 31.5pt; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Our ability to generate cash flows and maintain liquidity sufficient to service our debt;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

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            <td style="width: 31.5pt; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Our ability to comply with the financial covenants in our credit facilities;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

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            <td style="width: 31.5pt; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Our ability to refinance our debt as it comes due;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

          <tr>
            <td style="width: 31.5pt; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Our ability to manage declining print revenue;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

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            <td style="width: 31.5pt; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Our ability to successfully complete acquisitions that we announce and, thereafter, to successfully integrate those acquisitions;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

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            <td style="width: 31.5pt; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Whether our warrants that were issued in our 2014 refinancing will be exercised;</div>
            </td>
          </tr>

      </table>
    </div>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">The impact and duration of adverse conditions in certain aspects of the economy affecting our business;</div>
            </td>
          </tr>

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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

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            <td style="width: 31.5pt; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Change in advertising and subscription demand;</div>
            </td>
          </tr>

      </table>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Changes in technology that impact our ability to deliver digital advertising;</div>
            </td>
          </tr>

      </table>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Potential changes in newsprint, other commodities and energy costs;</div>
            </td>
          </tr>

      </table>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable">

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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Interest rates;</div>
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          </tr>

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            <td style="width: 31.5pt; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Labor costs;</div>
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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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              <div style="text-align: justify;">Legislative and regulatory rulings;</div>
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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Our ability to achieve planned expense reductions;</div>
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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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              <div style="text-align: justify;">Our ability to maintain employee and customer relationships;</div>
            </td>
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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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              <div style="text-align: justify;">Our ability to manage increased capital costs;</div>
            </td>
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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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              <div style="text-align: justify;">Our ability to maintain our listing status on the NYSE;</div>
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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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              <div style="text-align: justify;">Competition; and</div>
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              <div style="text-align: left; margin-left: 13.5pt;">&#8226;</div>
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              <div style="text-align: justify;">Other risks detailed from time to time in our publicly filed documents.&#160;</div>
            </td>
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    </div>
    <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
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    <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
    </div>
    <div style="text-align: justify; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">Any statements that are
      not statements of historical fact (including statements containing the words &#8220;may&#8221;, &#8220;will&#8221;, &#8220;would&#8221;, &#8220;could&#8221;, &#8220;believes&#8221;, &#8220;expects&#8221;, &#8220;anticipates&#8221;, &#8220;intends&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;considers&#8221; and similar expressions) generally should be considered
      forward-looking statements. These forward-looking statements include information about possible or assumed future events, including, among other things, discussion and analysis of our future financial condition, results of operations and funds from
      operations, our strategic plans and objectives, cost management, liquidity and ability to refinance our indebtedness as it matures, anticipated effects and synergies of acquisitions; anticipated capital expenditures (and access to capital) required
      to complete projects, amounts of anticipated cash distributions to our stockholders in the future and other matters.&#160;Readers are cautioned not to place undue reliance on such forward-looking statements.</div>
    <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
    </div>
    <div>
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      <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
      </div>
      <div style="text-align: justify; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">Pursuant to the
        requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</div>
      <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 40.06%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="width: 9.46%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;"><font style="font-weight: bold;">LEE ENTERPRISES, INCORPORATED</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.06%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="width: 9.46%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td rowspan="3" style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
              <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
              <div style="text-align: left; text-indent: 2.25pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform:
                none;">/s/Timothy R. Millage</div>
            </td>
            <td rowspan="3" style="width: 16%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform:
              none;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40.06%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="width: 9.46%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.06%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">Date:&#160; February 12, 2020</div>
            </td>
            <td style="width: 9.46%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: right;">By:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.06%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td style="width: 9.46%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">Timothy R. Millage</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.06%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>
            <td style="width: 9.46%; vertical-align: top; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: left;">&#160;</div>
            </td>
            <td colspan="2" style="vertical-align: top;">
              <div>
                <div style="text-align: left; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">Vice President,
                  Chief Financial Officer</div>
                <div style="text-align: left; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;&#160;&#160;and
                  Treasurer</div>
              </div>
            </td>
          </tr>

      </table>
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    <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
    </div>
    <div style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><br>
    </div>
    <div><br>
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    <div style="text-align: center;"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 12pt; font-style: normal; font-variant: normal;
        text-transform: none;">2</font><br>
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