Home Energy services Alden Global Capital, LLC Announces Affiliate Appoints Three Candidate Fully Independent, Highly...

Alden Global Capital, LLC Announces Affiliate Appoints Three Candidate Fully Independent, Highly Qualified, and Diverse Directors for Election at Lee’s 2022 Annual Meeting

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WEST PALM BEACH, Florida – (COMMERCIAL THREAD) – Alden Global Capital, LLC, which, through a subsidiary, owns an approximate 6.3% interest in Lee Enterprises, Incorporated (“Lee” or the “Company”) (NASDAQ: LEE), announced today hui that one of its subsidiaries has given notice of its appointment of three fully independent, highly qualified and experienced individuals to serve on Lee’s board of directors (the “Board”). The nominations were handed in in order to meet today’s deadline for shareholder nominations at the Lee 2022 annual meeting set by Lee’s articles of association. Alden’s hope is for the board to meaningfully and expeditiously engage with Alden on a transaction in the best interests of Lee’s shareholders, and a proxy contest at the 2022 annual meeting. will prove unnecessary. However, the events of the past week, including Lee’s adoption of a poison pill and his frivolous rejection of a request made by an Alden subsidiary that the Company provide certain required nomination forms in accordance with Lee’s articles of association. , including a questionnaire for directors, worries Alden. . Alden has taken steps to comply with all appointment requirements under Lee’s notice provisions, including asking candidates to complete a usual Director Questionnaire form in place of the questionnaire the Company has refused to provide. upon request, and also indicated that it was prepared to have its candidate directors complete any form that the Company may provide at a later date.

Alden’s fully independent, highly qualified and diverse candidates are:

Colleen B. Brown, 63, was president and CEO of Fisher Communications, Inc., a media company that owned a number of television, radio and technology facilities in the Western States. United, from 2005 to 2013, and served as Executive Director from 2006 to 2013. Prior to that, Ms. Brown was Senior Vice President – C-Suite at Belo Corp., a media company that owned radio stations. major television as well as major newspapers, three local and two regional. news channels and Belo Interactive. Earlier in her career, Ms. Brown served in the C-Suite of Lee Enterprises, Incorporated as President of Broadcasting, and she held several executive positions at Gannett, Co. Inc., an international news and media company. information, including president of KPNX, the NBC subsidiary in Phoenix, Arizona, president of WFMY, the CBS subsidiary in Greensboro, NC, and vice president of KUSA, then an ABC subsidiary in Denver, Colorado. Ms Brown is currently a Director at Spark Networks SE, a global dating company with a portfolio of brands designed for singles looking for serious relationships, since August 2019, Big 5 Sporting Goods, a sporting goods retailer, since August 2019, and TrueBlue Inc., a leading staffing, recruiting and workforce management company, since June 2014. Ms. Brown previously served as Chairman of the Board of Directors of American Apparel Inc., a retailer, from 2014 to 2016, as a director of Boeing Employee Credit Union. , a not-for-profit financial cooperative owned by its members, DataSphere Technologies, Inc., an online and mobile advertising solutions provider, from 2008 to July 2017, as well as CareerBuilder, an online recruiting platform, and Classified Ventures , LLC, a Chicago-based digital media company. Ms. Brown is a member of NACD, IWF and C200 and is NACD Leadership Fellow. Ms. Brown holds an MBA from the University of Colorado at Boulder and a BSc in Business Administration from the University of Dubuque.

Carlos P. Salas, 50, has been President of The Change Company CDFI LLC (“The Change Company”), a financial services company focused on borrowers and underbanked communities across the United States, since August 2021 and as a director of The Change Société and some of its subsidiaries since August 2018. Previously, Mr. Salas was CEO and President of COR Clearing LLC (n / k / a AxosClearing LLC, a subsidiary of Axos Financial Inc. ), a securities clearing firm serving FINRA – broker-dealer members, from June 2012 to July 2019, and chief of staff of Banc of California, Inc., a bank serving western US markets – United, August 2016 to January 2017. Earlier in his career, he was a partner and co-founder of Dolphin Advisors, LLC, a private equity fund, as an investment banker at Credit Suisse First Boston ( now part of the investment banking division of Credit Suisse Grou p AG (“Credit Suisse”)) and Donaldson, Lufkin & Jenrette, an American investment bank which was requested by Credit Suisse and as an attorney at Cleary Gottlieb Steen & Hamilton LLP, an international law firm leading. Mr. Salas has served on the board of directors of several public and private companies, including Williams Controls, Inc., a public manufacturer of sensors and pedal assemblies for trucks; Tengasco, Inc. (n / k / a Riley Exploration Permian, Inc.), a state-owned oil and gas exploration and production company, Boston Restaurant Associates, Inc., a catering company based primarily in Greater Boston , ACT Teleconferencing, Inc., a global teleconferencing provider that was acquired by Premiere Global Services, Inc., and, from December 2020 to April 2021, Dynamic Energy Services International LLC, an international provider of exploration and of oil and gas production. Mr. Salas holds a Juris Doctor from the University of Chicago and a Bachelor of Arts from New York University.

John S. Zieser, 62, has been currently Chief Development Officer and General Counsel of Meredith Corporation, an American media conglomerate, since 2006, and previously held several other positions at Meredith Corporation from 1999 to 2006, including that of Vice President, Secretary and General Counsel, and has played a key leadership role in transforming the business of Meredith Corporation through multiple expansion initiatives in the media, digital, consumer revenue and licensing sectors. Previously, Mr. Zieser served as Group President at First Data Merchant Services, a subsidiary of First Data Corporation, and held several other senior operations and development roles during his tenure. Earlier in his career, he served as corporate counsel at Sullivan & Cromwell LLP, an international law firm specializing in mergers, acquisitions, venture capital and private equity transactions in the United States and abroad. Mr. Zieser is currently a member of the board of IPC Media Pension Trustee Limited, a UK-based $ 1 billion pension fund, since January 2018. Mr. Zieser was previously a founding member of the board of administration of Texture, a digital magazine subscription service created by a consortium of major publishers, including Meredith Corporation, to market digital magazines, from 2010 until Mr. Zieser led the sale of Texture to Apple Inc . in March 2018. Mr. Zieser received a Juris Doctorate from Cornell University, Magna Cum Laude Graduate, and both an MBA and a Bachelor of Business Administration with Beta Gamma Sigma Honors from the University of Iowa.

Advisers

Moelis & Company LLC acts as financial advisor to Alden Global Capital. Akin Gump Strauss Hauer & Feld LLP and Olshan Frome Wolosky LLP are its legal advisers.

Alden Global Capital, LLC and certain affiliated entities intend to file a proxy with the United States Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies from the shareholders of Lee Enterprises, Incorporated to be used at its 2022 annual meeting of shareholders. Pursuant to Rule 14a-12 (a) (1) of the Securities Exchange Act of 1934, as amended, the following persons are or may be deemed to be participants in the proxy solicitation: MNG Enterprises, Inc., MNG Investment Holdings, LLC., Strategic Investment Opportunities LLC, Alden Global Capital LLC, Heath Freeman, Colleen B. Brown, Carlos P. Salas, and John S. Zieser. Certain of the participants may be deemed to beneficially own 371,117 common shares of Lee Enterprises, Incorporated. Additional information regarding the participants and their beneficial ownership of the common shares of Lee Enterprises, Incorporated is contained in Alden Global Capital, LLC’s statement on Schedule 13D originally filed with the SEC on January 29, 2020 (as may be amended from time to time, including November 24, 2021, the “Alden Schedule 13D”) and will be set out in the proxy statement and other documents filed with the SEC in connection with the solicitation of proxies by the participants.

INFORMATION RELATING TO PARTICIPANTS IN THIS SOLICITATION OF PROXY IS CONTAINED IN APPENDIX ALDEN 13D. UNLESS OTHERWISE PROVIDED FOR IN ANNEX ALDEN 13D, THE PARTICIPANTS HAVE NO INTEREST IN LEE COMPANIES, INCORPORATED OTHER THAN BY THE EFFECTIVE OWNERSHIP OF ORDINARY SHARES OF LEE COMPANIES, INCORPORATED, AS INDICATED IN ANNEX ALDEN 13.

ALL SHAREHOLDERS OF LEE ENTERPRISES, INCORPORATED TO READ THE PROXY CIRCULAR AND OTHER DOCUMENTS RELATING TO THE SOLICITATION OF PROXIES BY PARTICIPANTS OF THE SHAREHOLDERS OF LEE ENTERPRISES, INCORPORATED WHEN THEY MATERIAL CONTENTS THIS SOLICITATION OF PROXY. ONCE COMPLETED, A FINAL STATEMENT OF PROXY AND A FORM OF PROXY WILL BE SENT BY MAIL TO THE SHAREHOLDERS OF LEE ENTERPRISES, INCORPORATED AND WILL ALSO BE AVAILABLE FREE OF CHARGE ON THE SEC’S WEBSITE AT HTTP://WWW.SEC.GOV.


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