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Pulitzer sold

Monday, Jan 31, 2005

The St. Louis Post-Dispatch and the Bloomington Pantagraph are being absorbed by Lee. All of Lee’s Statehouse reporters operate out of one office right now, but it’s getting kinda crowded in there, so I wonder if they’ll make Erickson and McDermott (both very good reporters) move.

Pulitzer Inc. has agreed to a $1.46 billion acquisition by Lee Enterprises Inc., that will create the seventh-largest U.S. newspaper chain in terms of circulation.

The deal, announced late Sunday, ended two months of speculation about the fate of Pulitzer, whose holdings include The Pantagraph and the St. Louis Post-Dispatch. […]

Lee operates 44 daily newspapers in 19 states. It had revenue of $683 million and profits of $86.1 million in its latest fiscal year. Pulitzer owns 14 dailies and more than 100 weekly newspapers and other publications. It had revenue of $444 million and profits of $44.1 million last year.

Lee’s deal for Pulitzer also includes a small stake in the St. Louis Cardinals. Pulitzer Inc. and Michael Pulitzer together own slightly less than four percent of the baseball team.

One question not answered by the above Pantagraph article was how the SP-D’s very strong employees’ unions will be impacted.

- Posted by Rich Miller        

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