Lee Enterprises in Pact to Manage Berkshire Hathaway Newspaper, Digital Operations
26 Junio 2018 - 6:27AM
Noticias Dow Jones
By Colin Kellaher
Lee Enterprises Inc. (LEE) on Tuesday said it reached a deal
with Berkshire Hathaway Inc.'s (BRKA, BRKB) BH Media Group Inc.
unit for Lee to manage Berkshire's newspaper and digital operations
in 30 markets, beginning July 2.
Davenport, Iowa-based Lee said it will implement revenue
initiatives and business transformation consistent with how it
manages its own newspaper and digital operations, while Berkshire
Hathaway continues as owner of BH Media.
Under the agreement, which has an initial term of five years,
Lee will receive an annual fixed fee of $5 million, plus a
significant percentage of profits over benchmarks.
"I love our newspapers and am passionate about the vital role
they serve in our communities," said Warren E. Buffett, chairman
and chief executive of Berkshire Hathaway. "Although the challenges
in publishing are clear, I believe we can benefit by joining
efforts. Lee Enterprises' growth in digital market share and
revenue has outpaced the industry."
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 26, 2018 07:12 ET (11:12 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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