[8] In January 2020, Lee Enterprises announced an agreement with Berkshire Hathaway to acquire BH Media Group's publications and The Buffalo News for $140 million in cash.

[11] In response, the board of Lee Enterprises enacted a shareholder rights plan, colloquially known as a "poison pill", in order to ward off the purchase attempt.

"[12] In November 2021, the U.S. Department of Justice alleged two Iranian nationals had accessed the company's content management system in the fall of 2020, aiming to post false news about the presidential election.

In April 2012, Warren Buffett took a stake in Lee Enterprises (through Berkshire Hathaway Inc.), buying $85 million of the company's debt from Goldman Sachs Group.

[19] In April 2013, Lee Enterprises announced that Berkshire Hathaway refinanced the remaining Pulitzer acquisition debt equating to $94 million, at no cost.

[21] On January 29, 2020, Lee Enterprises announced an agreement to buy Berkshire Hathaway's BH Media Group publications and The Buffalo News for $140 million cash.

The acquisition comprised 30 daily newspapers in 10 states plus 49 paid weekly publications with digital sites, as well as 32 other additional print products.

[22] "We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry's challenges," Warren Buffett said in a statement.

[26] In response, the board of Lee Enterprises enacted a shareholder rights plan, colloquially known as a "poison pill", in order to ward off the purchase attempt.

The specific shareholder rights plan adopted by the Lee board forbids Alden from purchasing more than 10% of the company, and will be in force for one year.

"[27] Shortly thereafter, Alden Global, through its operating unit Strategic Investment Opportunities, filed a lawsuit in state court in Delaware against Lee Enterprises.

[28] The Alden lawsuit asserts that the members of the Lee board "have every reason to maintain the status quo and their lucrative corporate positions" and that they are "focused more on [their] own power than what's best for the company.

[34] The company's portfolio grew substantially, nearly doubling its audience size, with the acquisition of BH Media Group's publications in early 2020, including the Omaha World-Herald, Richmond (Virginia) Times-Dispatch and Tulsa World.