Lee Enterprises signs 5-year management agreement to operate Hoffmann Media Group publications

LEE ENTERPRISES, Inc

Agreement effective June 1, 2026, for 5 years; Lee to manage Hoffmann's newspapers and digital properties across FL, CA, MI, MO, CO and other markets.
Fixed management fee of $135,000 per quarter for existing publications; variable fee of 20% of quarterly EBITDA from future acquisitions.
David Hoffmann, majority shareholder and Chairman, recused from Board vote on related-party deal.
Hoffmann retains revenue and pays shared services at cost; termination allowed if annual EBITDA falls below $1.0 million.

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