- Lee Enterprises acquired Berkshire Hathaway's remaining newspaper and associated digital assets on March 16, 2020. The purchase price was $140 million.
- In 2019, the Berkshire assets generated $47.4 million of adjusted EBITDA and Berkshire provided $576 million of seller financing at a fair interest rate of 9%.
- On a combined basis, in calendar year 2019, the Newco generated $160 million of Adjusted EBITDA.
- Pro-forma financial debt is $525 million and LEE's current market capitalization is $65 million. The stock is a very cheap long dated call option.
For further details see:
Lee Enterprises: Like A Mispriced Long-Dated Call Option, Thanks To Sir Warren