Pulitzer Inc. has agreed to a $1.46 billion buyout deal from Iowa-based Lee Enterprises Inc., bringing new ownership to The World.

The deal announced Sunday also includes Lee's purchase of the Bandon Western World and Reedsport's Umpqua Post. Pulitzer publishes 14 daily newspapers and more than 100 weekly publications.

"They have values very similar to Pulitzer. They believe in community journalism and in the newspapers taking a proactive role in their communities," said Greg Stevens, president and publisher of The World. "They also have dozens of operations that are our size, which was different from Pulitzer when they acquired Scripps League."

Pulitzer took over ownership of The World in 1996, eventually acquiring the Bandon paper in 2003 and the Reedsport paper in 2004.

Lee will pay $64 a share in cash for all of Pulitzer's shares, including the controlling interest held by members of the Pulitzer family, according to a joint press release from the companies. Pulitzer's board of directors concluded unanimously that selling to Lee was the best way to enhance shareholder value and position the company for the future, said Michael Pulitzer, non-executive chairman and the grandson of founder Joseph Pulitzer.

"They share the same tradition and journalistic values that Pulitzer does," he said.

Lee Enterprises owns two Oregon dailies - the Corvallis Gazette-Times and the Albany Democrat-Herald - and 42 other daily newspapers.

"Lee is familiar with the lay of the land in Oregon, which is a step in the right direction for us," Stevens said. "I'm excited about it."

"Lee is among the best newspaper operators in the industry, with an especially impressive record for revenue growth," said Robert C. Woodworth, Pulitzer chief executive officer.

In the press release, Lee Chairwoman and Chief Executive Officer Mary Junck said the company will apply its five top operating priorities at the new newspapers, focusing on revenue growth, readership and circulation, strong local news, online strength and careful cost controls.

The buy moves Lee up to fourth place in the ranking of U.S. newspaper publishers in terms of dailies owned and seventh largest in circulation. Swallowing Pulitzer would boost Lee's revenue by 60 percent to $1.14 billion and its circulation by 50 percent, according to the press release.

Pulitzer employs about 4,000 people and added to Lee's base that will bring that company's employment to approximately 10,700 employees. Junck said Sunday that no layoffs were planned and current union contracts would be honored. The company also said it has no intention of selling any newly acquired papers.

Both companies have been expanding by snapping up small- and medium-sized papers, which tend to have local monopolies and attractive profit margins.

Both are public companies, but are controlled by families whose shares give them a majority of the voting power.

Pulitzer and Lee also have similar strategies and priorities.

Lee emphasizes local news, local decision-making and strong publishers, editors and management teams.

"They push readership, circulation and revenues very hard, and they seem to have found some formulas that work," said Terrance C.Z. Egger, senior vice president of Pulitzer and publisher of the Post-Dispatch.

Pulitzer Inc. is the successor to the company founded in St. Louis in 1878 by the first of three Joseph Pulitzers who presided over the business. The deal includes the sale of the St. Louis Post-Dispatch.

Between The World, the Bandon Western World and the Umpqua Post, Pulitzer employs about 102 people on the South Coast.

The St. Louis Post-Dispatch contributed to this story.