Lee Enterprises will manage and operate Hoffmann Media Group's newspaper and digital properties starting June 1, 2026. The agreement spans an initial five-year term ending May 31, 2031. Lee will receive a fixed management fee of $135,000 per fiscal quarter for existing publications. A variable fee structure is included, granting Lee 20% of EBITDA from publications acquired by Hoffmann after the start date. Lee will implement operational and revenue transformation initiatives under joint budget oversight.