Lee Enterprises adopts holder rights plan due to Quint Digital stake

Lee Enterprises announced that its board has unanimously adopted a limited-duration shareholder rights plan. The rights plan is effective immediately and will expire on March 27, 2025. The board adopted the rights plan in response to the accumulation of shares of Lee common stock by Quint Digital, an entity based in India. In adopting the rights plan, the board considered among other things, that Quint: Rapidly built and increased its ownership position to more than 12.4% of the company’s outstanding common stock, and in recent discussions with the company, Quint indicated its intent to continue to accumulate Lee shares; Controls a digital publishing business that offers a content management system that seeks to compete with the company’s subsidiary, BLOX Digital; and highlighted its ownership stake in Lee in its public materials, including a February 28 press release that outlines its strategy for expansion into the North American media tech market.