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Acquisition bolsters Lee’s first-quarter results

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Quad-City Times: Media company Lee Enterprises of Davenport reported first-quarter operating revenue of $211.8 million, up from $122.3 million from a year ago, reflecting the purchase of Warren Buffet’s Berkshire Hathaway newspaper operations, BH Media and the Buffalo News. Lee closed the acquisition of the 30 daily newspapers, more than 49 paid weekly publications and 32 other print products in March. On a pro-forma basis, total operating revenue was down 10.9%, while operating expenses fell 10%. The company reported $16.4 million in net income for the quarter, up from $5.7 million for the same quarter the previous year, with adjusted earnings of $40 million, compared with $28 million last year.

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