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The new ‘Succession’ trailer, along with media news and must-read links for your weekend [1]

['Tom Jones', 'Tom Jones Is Poynter S Senior Media Writer For Poynter.Org. He Was Previously Part Of The Tampa Bay Times Family During Three Stints Over Some']

Date: 2023-03-03 12:30:32+00:00

And, finally today, here’s an update from my Poynter colleague Angela Fu:

Lee reports first-quarter digital growth

Despite uncertain market conditions, Lee Enterprises grew its digital revenue and subscriptions during the first quarter of the fiscal year, vice president and chief financial officer Tim Millage said Thursday.

The company, which owns 77 daily newspapers, generated a profit of $2 million in the quarter ending on Dec. 25. Lee generated $65 million in digital revenue, an increase of 17% compared to the same period last year. Digital-only subscriptions grew to 564,000, representing a 25% increase, while revenue from those subscriptions grew 56%. Total revenue, however, decreased 8% compared to the same period last year.

Citing “cyclical headwinds,” Millage said on an earnings call that Lee had made cuts to its print business over the past year. Those reductions include layoffs. The company ended fiscal year 2022 with 4,365 employees, down from 5,130 employees the previous year, according to its annual Securities and Exchange Commission filings.

“While we remain focused on operational excellence in reducing the cost structure of our legacy print business and growing profits, our main priority is to drive long term, sustainable, digital revenue growth,” Millage said.

In response to a shareholder question about whether Lee would decrease print days to cut costs, Millage said the company was looking at “all options.”

Lee stock closed at $17.70 Thursday, down from $18.65 the previous day.

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