This Billionaire Wants To Save America's Newspapers. He Thinks He's Found A Way [Yahoo! Finance]
Lee Enterprises, Incorporated (LEE)
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Source: Yahoo! Finance
The papers, all but nine of which he owns and which range in circulation from 5,000 to 250,000, eventually make their way to Hoffmann's office. There the 73-year-old billionaire settles into his leather blue desk chair, facing the bay, and starts reading. He divides the papers into two stacks: the toss pile and the “red pen” pile—papers he marks up with a felt-tip. He'll discuss the red pen pile later with Nathan Bekke, the interim CEO of Lee Enterprises, one of the nation's biggest newspaper chains, in which Hoffmann took a controlling interest in February. Sometimes it's an inflammatory headline that catches his eye. Other times it's politics: Associated Press stories, for instance, are sometimes a little to the left for him. He also dislikes articles that don't portray a city in the most accurate light. Jamel Toppin for Forbes “I am going to save newspapers in America,” declares Hoffmann, who owns 42 titles outright plus a 53% stake in Lee, which publishes 70-plus newspapers in
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