Quint Digital acquires 8.35% stake in Lee Enterprises

The Quint, an independent news and opinion website, has acquired 8.35% shares of Lee Enterprises, an American company listed on NASDAQ. The acquisition cost $5.49 million, and The Quint acquired 513,000 shares.

The purchase was made through an overseas stock exchange (NASDAQ) and is part of The Quint's current investment plan, aiming to gain long-term/short-term strategic and investment benefits. The investment reflects a strategic move by The Quint to diversify its portfolio and potentially tap into the digital subscription space.

Promoters of The Quint, Raghav Bahl and Ritu Kapur, may have strategic reasons for this investment, possibly aiming to expand their digital media presence or capitalize on synergies between the companies.
Lee Enterprises is a provider of local news and information, offering daily newspapers, digital products, marketing services, and technology. It operates nearly 350 weekly and specialty publications across 73 markets in 26 states. In CY23, Lee Enterprises reported total revenue of $0.69 billion.

It's worth noting that Lee Enterprises previously acquired Warren Buffett’s Berkshire Hathaway newspaper operations, including BH Media Group’s publications and The Buffalo News, in 2020.
However, representatives from both Lee and Quint were unavailable for comment.