This investment follows HF Companies’ recent acquisition of shares in Lee Enterprises, the nation’s fourth-largest newspaper chain. The Hoffmann Family of Companies now holds the position of the second-largest shareholder in Lee Enterprises and plans to continue increasing its stake. HF Companies has acquired an additional 1% in Lee Enterprises, now owning 538,763 shares, resulting in a 13D amendment filing.
In addition to its stakes in Lee Enterprises and DallasNews Corp., HF Companies owns Hoffmann Media Group, a privately held media firm with a portfolio of approximately 19 news-related properties across the United States. The company is led by CEO Pason Gaddis, who co-founded a newspaper group acquired by HF Companies in 2022 and previously held roles at Gannett, the nation’s largest newspaper chain. Under his leadership, Hoffmann Media Group has become a significant player in the private media sector. If Hoffmann Media Group, Lee Enterprises and DallasNews Corporation combined, they would become the second-largest newspaper group in America.
David Hoffmann, a Forbes-listed billionaire and Chairman of HF Companies, recently reaffirmed the organization’s long-term strategy in The New York Times, highlighting his belief that local newspapers remain an integral part of the American fabric and are currently undervalued. “I am focused on building a national presence in the newspaper industry. Our group is impressed with the strategic vision of the management teams at both DallasNews Corp. and Lee Enterprises. In our team's assessment, both companies are successfully transitioning to sustainable digital business models while reducing exposure to their legacy print operations. This presents an attractive investment opportunity with these assets significantly exceeding current stock prices, among other favorable metrics."
About Hoffmann Media Group
Hoffmann Media Group, a privately held media company based in Southwest Florida, publishes a variety of print, online, mobile, and email publications. Over the past 15 years, our writers, designers and ad builders have earned over 200 awards from the Florida Press Association, Society of Professional Journalists and Florida Newspaper Advertising and Marketing Executives Association. The Florida Press Association has recognized us as the best in the state for content, consumer experiences and advertising services. Our flagship brands serve over 30 markets, offering premier digital advertising services, newspapers, and magazines across Florida, California, Michigan and beyond. (20 Newspapers, Magazines, and Media Investments) For more information, visit www.hoffmannmediagroup.com.