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ST. LOUIS — David Hoffmann, a billionaire investor from the ÃÛÑ¿´«Ã½ area, offered in a letter Thursday to open talks about acquiring Lee Enterprises, parent company of the Post-Dispatch and other newspapers, and released the letter to media outlets.

In the letter to Lee President and CEO Kevin Mowbray and the Lee board of directors, Hoffmann said the is “well-positioned financially, in both resources and sophistication, to complete an acquisition.�

“We seek in this letter to open discussions with you regarding a potential combination of our companies, in which the HF Companies would pursue acquisition of Lee in its entirety,� Hoffmann writes.

Hoffmann also said his goal is to “support and grow local news outlets.�

“Today, more than ever, we embrace the concept that local news is a fundamental component of journalism and the communities it serves, and its preservation is in the best interest of a well-informed public,� he wrote.

A Hoffmann affiliate already owns about 10% of Lee shares and is currently the third largest shareholder, behind Quint Digital Limited and Gamco Investors.

Hoffmann began buying shares late last year and has spoken for months to media outlets about his desire to buy Lee.

In a statement Thursday, Lee said it would “evaluate and respond� if Hoffmann comes forward with a specific offer.

“Lee’s Board of Directors and management team are committed to acting in the best interests of all shareholders,� the statement said. “Consistent with its fiduciary duties, Lee’s Board of Directors will carefully review any credible proposal to determine the course of action that it believes is in the best interests of the Company and Lee shareholders.�

Lee shares closed Thursday at $9.99, up $1.22 after news of Hoffmann’s offer became public.

Lee owns more than 70 newspapers across 26 states, including the Omaha World-Herald and the Buffalo News. It has for years faced the economic headwinds of declining print revenue, while trying to boost its digital revenue.

In its last earnings report released last month, Lee reported $144 million in revenue, a decline of about $10 million from the same period last year. Buying Lee also would mean contending with its debt load: the company has about $446 million in debt, which stems from its purchase of the Post-Dispatch and related properties 20 years ago and the 2020 acquisition of newspapers owned by Warren Buffet’s Berkshire Hathaway.

Last year, , a subsidiary of the Hoffmann Family of Companies, bought the Napa Valley Register and other papers from Lee for an undisclosed sum. It now owns about 14 media properties, according to Hoffmann, including the Register, the St. Helena Star and Inside Napa magazine.

In his letter to Lee, Hoffmann wrote that his company’s Missouri ties and interest in community news represent “a sharp contrast to other potential acquirors, such as non-local hedge funds and investment firms primarily concerned with increasing profits over jobs, local concerns, and the power of quality journalism.�

Hoffmann on Thursday was not available for an interview with the Post-Dispatch, according to a spokesperson. The newspaper instead was sent a release.

“Our unwavering commitment to journalistic independence and the transformative potential of digital media drives us forward. At the same time, we hold a profound belief in the enduring power and significance of print journalism,� the statement said. “Today’s announcement reflects what we have consistently communicated: the time is right, and we are ready to act with purpose and determination.�

In 2024, David Hoffmann ranked 1,945th on the Forbes World Billionaires List, with a listed net worth at $1.6 billion.

Hoffmann began building his business empire in the late 1980s and is now chairman of the Hoffmann Family of Companies, which owns Oberweis Dairy, Midwest manufacturing businesses, a Florida sports arena, recreational properties and commercial real estate businesses, among others. It manages hundreds of limited liability companies across the country tied to its properties — $4 billion in assets, all told. It employs 11,000 people globally, the company says. Hoffmann’s sons serve as co-CEOs.

A native of Washington, Missouri, Hoffmann is perhaps best known in the ÃÛÑ¿´«Ã½ region for his ambitious plans, announced in 2021, to spend up to $150 million on development projects in the St. Charles County town of Augusta. The goal was to turn the bucolic wine country into the Napa Valley of the Midwest. But the project has not gone to plan, with key pieces, including a hotel and golf course, put on hold. The company in recent months has sold off some of the real estate, and it has been sued several times over money disputes.