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Lee Enterprises Buys Pulitzer for $1.46 Billion

From Associated Press

Lee Enterprises Inc. is buying Pulitzer Inc. -- publisher of the St. Louis Post-Dispatch founded by famed newspaperman Joseph Pulitzer -- in a $1.46-billion deal that Lee says would give it the nation’s fourth-biggest roster of daily newspapers.

Davenport, Iowa-based Lee said the acquisition would make the company fourth in numbers of U.S. daily newspapers with 58 dailies in 23 states. Lee has 44 daily newspapers in 19 states.

Lee will pay $64 a share in cash for Pulitzer, which owns more than 100 weekly newspapers, shoppers and niche publications.

Pulitzer shares rose 56 cents to $63.46 on the NYSE. Lee shares rose 64 cents to $44.55 on the NYSE.

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From Associated Press

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