Lee Enterprises Inc. announced June 19 that it would purchase the assets of Dispatch-Argus, which include a number of publications in the Rock Island area.
Lee Enterprises is a local news, information and advertising provider, working in 49 markets. The purchase agreement was negotiated for the price tag of $7.15 million, and the closing has yet to take place.
Dispatch-Argus, a Kankakee-based publication, is owned by Small Newspaper Group and publishes every morning of the week. Lee Enterprises said in a statement that the agreement will help to increase production.
"We expect the acquisition to provide immediate value, accretive to both earnings and free cash flow," said President and CEO of Lee Enterprises Kevin Mowbray.
Lee has a print readership of almost three million, not including other modes of publications. The company's markets span 21 states.