Quint Digital (QDL), a media-tech company, has entered into a definitive stock purchase agreement with Lee Enterprises Inc. (LEE), a subscription and advertising platform and provider of local news in the US, for participation in a private placement offer aggregating to $50 million.
Under the transaction, Quint Digital will invest approximately $7.97 million to acquire 2,451,346 shares of Lee Enterprises’ common stock at $3.25 per share.
Post the completion of the transaction, QDL’s stake in LEE will increase to 14.85%.
This strategic investment is led and backstopped by Anchor Investor David Hoffmann, who has committed approximately $35 million, along with participation from existing investors, including QDL.
Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information with daily newspapers, rapidly growing digital products and nearly 350 weekly and specialty publications serving 72 markets in 25 states.
Quint Digital is a digital and media-tech, AI-focused company. Its flagship platform, The Quint, launched in 2015, delivers trusted, innovative journalism, while Quintype’s AI-powered editorial platform enables seamless content creation for over 300 publishers worldwide.
Quint Digital’s suite of brands also includes The News Minute, known for independent journalism from Southern India; Youth Ki Awaaz, a citizen media platform that amplifies the voices of India’s youth; and Kisan India, dedicated to comprehensive coverage of Indian agriculture.
Recently, it acquired ListenFirst Media, a premium social media and digital analytics platform headquartered in New York, which enhances QDL’s capabilities in AI-driven audience insights and engagement strategies.
Recently, Quint Digital also signed an exclusive franchise agreement with Time Out UK, the iconic global brand that inspires and enables people to experience the best of the city, to launch Time Out India, which will bring high-quality, expert content and world-class cultural and culinary offerings to Indian consumers and advertisers.
