What is Lee Enterprises?

Lee is a newspaper publisher based in Davenport, Iowa. Lee currently publishes 44 daily newspapers with a combined circulation in excess of 1.1 million. The company's traditional focus has been on newspapers in smaller cities. Lee is a larger company than Pulitzer, with $694 million in 2004 revenue, to Pulitzer's $444 million. Lee's largest newspaper is the Wisconsin State Journal, in Madison.

What are the terms of the deal?

Lee has agreed to acquire Pulitzer in a cash deal, paying $64 for each share of Pulitzer stock. That makes for a $1.46 billion transaction. Pulitzer's stock closed at $62.90 on Friday.

Why now?

Michael Pulitzer, company chairman and grandson of the founder, said Pulitzer's newspapers would benefit from the greater scale and resources provided by Lee, which he called a necessity to compete in today's "increasingly competitive media market." Pulitzer announced in November that it was exploring ways to increase shareholder value, including a possible sale of the company.

What about journalism?

David B. Stoeffler, Lee's vice president-news, on Sunday stressed the company's basic journalism values. He noted that Lee's newspapers didn't speak with one editorial voice. Junck added, "We don't dictate editorial policy from Davenport, Iowa." Lee emphasizes strong local news reporting. Its priorities include credibility, readability, serving as a public watchdog, giving readers something to talk about and telling good stories.

How will Pulitzer's newspapers fit into Lee?

The combined company will still be called Lee Enterprises, with Pulitzer as a subsidiary.

What about the Pulitzer family?

Pulitzer family members are not expected to be actively involved in Lee's operations. Lee said that it would welcome their advice on preserving the Pulitzer heritage.

What makes Lee tick?

Junck said Lee's management focuses on revenue growth, readership and circulation, strong local news, strength of online products and careful cost controls.

What about Pulitzer employees?

Junck said Sunday that no layoffs were planned, and current union contracts would be honored.

St. Louis Post-Dispatch