GAMCO Investors Files 13D for Lee Enterprises

TL;DR

**GAMCO just filed a 13D on LEE. Big moves might be coming.**

AI Summary

On April 19, 2024, GAMCO Investors, Inc. et al. filed a Schedule 13D, indicating a change in their beneficial ownership of Lee Enterprises, Inc. (LEE). The filing details their holdings and intentions regarding the company's common stock.

Why It Matters

This filing signals potential activist investor interest in Lee Enterprises, which could lead to changes in company strategy, management, or a potential sale.

Risk Assessment

Risk Level: medium — Schedule 13D filings often precede significant corporate actions or proxy fights, introducing uncertainty and potential volatility.

Key Players & Entities

• GAMCO Investors, Inc. et al. (company) — Filing entity
• Lee Enterprises, Inc. (company) — Subject company
• David (person) — Mentioned in filing header, likely related to the filing or subject company

FAQ

Key Financial Figures

• $4,301,972 — sons used an aggregate of approximately $4,301,972 to purchase the Securities reported as
• $2,356,628 — CO and Gabelli Funds used approximately $2,356,628 and $1,442,750, respectively, of funds
• $1,442,750 — Funds used approximately $2,356,628 and $1,442,750, respectively, of funds that were provi
• $502,594 — such clients. Teton used approximately $502,594 of funds of investment advisory clients

Filing Documents

• lee_00.htm (SC 13D) — 185KB
• 0000807249-24-000046.txt ( ) — 187KB

Security and Issuer

Item 1. Security and Issuer The class of equity securities to which this statement on Schedule 13D relates is the Common Stock of Lee Enterprises, Incorporated (the "Issuer"), a Delaware corporation with principal offices located at 4600 E. 53 rd Street, Davenport, Iowa 52807.

Identity and Background

Item 2. Identity and Background

to Schedule 13D is amended, in pertinent part, as follows

Item 2 to Schedule 13D is amended, in pertinent part, as follows: This statement is being filed by various entities which except for LICT Corporation ("LICT) and CIBL, Inc. ("CIBL"), engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as general partner or the equivalent of various private investment partnerships or private funds and as a registered broker-dealer. Certain of these entities may also make investments for their own accounts. Mario J. Gabelli ("Mario Gabelli") is deemed to directly or indirectly control these entities through his ownership interest. The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer. Although several of the foregoing persons are treated as institutional investors for purposes of reporting their beneficial ownership on the short-form Schedule 13G, the holdings of those who do not qualify as institutional investors may exceed the 1% threshold presented for filing on Schedule 13G or implementation of their investment philosophy may from time to time require action which could be viewed as not completely passive. In order to avoid any question as to whether their beneficial ownership is being reported on the proper form and in order to provide greater investment flexibility and administrative uniformity, these persons have decided to file their beneficial ownership reports on the more detailed Schedule 13D form rather than on the short-form Schedule 13G and thereby to provide more expansive disclosure than may be necessary. (a), (b) and (c) - This statement is being filed by one or more of the following persons: GGCP, Inc. ("GGCP"), GGCP Holdings LLC ("GGCP Holdings"), GAMCO Investors, Inc. ("GBL"), Associated Capital Group, Inc. ("AC"), Gabelli Funds, LLC ("Gabelli Funds"), GAMCO Asset Management Inc. ("GAMCO"), T

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration The Reporting Persons used an aggregate of approximately $4,301,972 to purchase the Securities reported as beneficially owned in Item 5. GAMCO and Gabelli Funds used approximately $2,356,628 and $1,442,750, respectively, of funds that were provided through the accounts of certain of their investment advisory clients (and, in the case of some of such accounts at GAMCO, may be through borrowings from client margin accounts) in order to purchase the Securities for such clients. Teton used approximately $502,594 of funds of investment advisory clients to purchase the Securities reported by it.

Purpose of Transaction

Item 4. Purpose of Transaction Each of the Reporting Persons has purchased and holds the Securities reported by it for investment for one or more accounts over which it has shared, sole, or both investment and/or voting power, for its own account, or both. The Reporting Persons are engaged in the business of securities analysis and investment. The Reporting Persons analyze the operations, capital structure and markets of companies in which they invest, including the Issuer, on a continuous basis through analysis of documentation and discussions with knowledgeable industry and market observers and with representatives of such companies (often at the invitation of management). As a result of these analytical activities one or more of the Reporting Persons may issue analysts reports, participate in interviews or hold discussions with third parties, with management or with Directors in which the Reporting Person may suggest or take a position with respect to potential changes in the operations, management or capital structure of such companies as a means of enhancing shareholder values. Such suggestions or positions may relate to one or more of the transactions specified in clauses (a) through (j) of Item 4 of Schedule 13D including, without limitation, such matters as disposing of one or more businesses, selling the company or acquiring another company or business, changing operating or marketing strategies, adopting or not adopting, certain types of anti-takeover measures and restructuring the company's capitalization or dividend policy. Each of the Reporting Persons intends to adhere to the foregoing investment philosophy with respect to the Issuer. However, none of the Reporting Persons intends to seek control of the Issuer or participate in the management of the Issuer, and any Reporting Person that is registered as an investment company under the Company Act will participate in such a transaction only following receipt of an exemption from the SEC under Rule 1

Interest In Securities Of The Issuer

Item 5. Interest In Securities Of The Issuer (a) The aggregate number of Securities to which this Schedule 13D relates is 307,461 shares, representing 5.00% of the 6,143,119 shares outstanding as reported in the Issuer's most recently filed Form 10-Q for the quarterly period ended December 24, 2023. The Reporting Persons beneficially own those Securities as follows: Name Shares of Common Stock % of Class of Common GAMCO Gabelli Funds Teton Advisors 169,520 111,941 26,000 2.76% 1.82% 0.42% Mario Gabelli is deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons. AC, GBL and GGCP are deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons other than Mario Gabelli and the Foundation. (b) Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Fund's shares, (ii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special circumstances such as regulatory considerations, and (iii) the power of Mario Gabelli, AC, GBL, and GGCP is indirect with respect to Securities beneficially owned directly by other Reporting Persons. (c) Information with respect to all transactions in the Securities which were effected during the past sixty days or since the most recent filin

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer The powers of disposition and voting of Gabelli Funds, Teton Advisors, GAMCO, GCIA and MJG Associates with respect to Securities owned beneficially by them on behalf of their investment advisory clients, and of MJG Associates and GCIA with respect to Securities owned beneficially by them on behalf of the partnerships or corporations which they directly or indirectly manage, are held pursuant to written agreements with such clients, partnerships and funds.

Material to be Filed as an Exhibit

Item 7. Material to be Filed as an Exhibit The following Exhibit A is attached hereto. The following Exhibit B is incorporated by reference to Exhibit B in the Initial Schedule 13D of the Reporting Persons with respect to Lincare Holdings Inc. Exhibit A: Joint Filing Agreement Exhibit B: Powers of Attorney to David M. Goldman and Douglas R. Jamieson from Mario J. Gabelli individually and/or as an executive officer or director of any entity of which Mr. Gabelli serves. 9 Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: April 19, 2024 GGCP, INC. MARIO J. GABELLI By: /s/ David Goldman David Goldman Attorney-in-Fact TETON ADVISORS, INC. GABELLI FUNDS, LLC By: /s/ David Goldman David Goldman General Counsel – Gabelli Funds, LLC Counsel-Teton Advisors, Inc. GAMCO INVESTORS, INC. By: /s/ Peter D. Goldstein Peter D. Goldstein General Counsel – GAMCO Investors, Inc. ASSOCIATED CAPITAL GROUP, INC. GAMCO ASSET MANAGEMENT INC. GABELLI & COMPANY INVESTMENT ADVISERS, INC. By: /s/ Douglas R. Jamieson Douglas R. Jamieson President & Chief Executive Officer – Associated Capital Group, Inc. President – GAMCO Asset Management Inc. President – Gabelli & Company Investment Advisers, Inc. 10 SCHEDULE I Information with Respect to Executive Officers and Directors of the Undersigned Schedule I to Schedule 13D is amended, in pertinent part, as follows: The following sets forth as to each of the executive officers and directors of the undersigned: his name; his business address; his present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted. Unless otherwise specified, the principal employer of

View Full Filing

View this SC 13D filing on SEC EDGAR