The Quint has acquired 8.35% shares of Lee Enterprises , an American company listed on NASDAQ, at a cost of acquisition of $5.49 million, as per official filings. As per the company, the number of shares acquired is 5,13,000. The consideration has been made in cash, reveal the official document.
As per the information, the shares were acquired through overseas stock exchange (NASDAQ) and form part of the current investment plan of the company with a view to reap the long-term/short-term strategic and investment benefits.
The Quint is an independent news and opinion website. Raghav Bahl and Ritu Kapur are the promoters of the company. Meanwhile, Lee Enterprises is a provider of local news and information, and a platform for advertising with daily newspapers, digital products, marketing services and technology. The company has nearly 350 weekly and speciality publications serving 73 markets in 26 states. Moreover, Lee’s total revenue in CY23 stood at $0.69 billion.
Representatives from both Lee and Quint were unavailable for comment to FE Brandwagon.
Additionally, Lee acquired Warren Buffet’s Berkshire Hathaway newspaper operations, that is BH Media Group’s publications and The Buffalo News in 2020.
Please note the story has been corrected, as we got the facts wrong earlier.