Naples' David Hoffmann takes over Iowa newspaper chain

David Hoffmann has officially taken over as chairman of Lee Enterprises after an investment group he led completed the purchase Thursday of $50 million in stock in the Iowa newspaper company.

With the deal done, the Naples-based billionaire entrepreneur takes the lead role in one of the largest newspaper chains in the country, a goal he’s championed for some time.

Lee Enterprises owns The St. Louis Post-Dispatch, The Richmond Times-Dispatch and the Buffalo News, among other publications. Its portfolio includes 350 weekly and specialty publications in 72 markets and 25 states. Lee had $562.34 million in revenue in fiscal 2025, and posted a net loss of $36 million, according to its public filings.

Aside from Lee, Hoffmann is a long-time newspaper adherent who believes a shift to more local news can help save a troubled industry that, despite the gloom of headlines, has seen pockets of success.

He believes in it so much that in the past several years his company, The Hoffmann Family of Cos., has bought 40 publications spanning over 30 markets. On Dec. 30, just after announcing the deal with Lee, Hoffmann Family of Cos. announced it had bought the Aspen Daily News in Colorado.

Lee, in its statement announcing the deal had closed and that Hoffmann had taken over as chairman, says that with the $50 million investment it reduced the interest rate on about $455.5 million of its long-term debt from 9% to 5% for five years. This, the company says, will improve its capital structure and cash flow.

Not mentioned in the statement was how the $50 million investment was structured. Late last year when the deal was announced, Lee said Hoffmann originally committed a minimum of $20 million himself with the rest coming from “other top existing investors.” He eventually committed to another $15 million, the original statement said.

The Hoffmann Family of Cos., a family-run business with offices in Naples, Chicago and St. Louis, owns more than 125 companies with 400 locations in 30 countries and employs 17,000 people.