LEE - Lee Enterprises (LEE) - Its Three Pillar Strategy Is Working

Strong fiscal Q3. Q3 revenue was $195 million, 1.7% above our forecast of $191.7 million. Adj. EBITDA of $23 million was in line with our forecast. The revenue beat was driven by strong 27% growth of Digital revenue, which now accounts for 32% of total revenues.Digital ahead of schedule. Digital revenue growth was driven by Digital-only subscription revenue, up 50%, and Digital Ad & Marketing Services revenue, up nearly 27%. Notably, Digital only subscribers were up 49% to 501,000, achieving the year-end subscriber goal of 495,000 a full quarter early. We believe the most recent quarter demonstrates an industry-leading Digital transformation strategy, which capitalizes on Lee’s local market focus. Read More >>