Five years after Warren Buffett got out of newspapers with a US$140 million sale to Lee Enterprises, it’s Lee itself that is now the focus of an approach by “M&A machine” the Hoffmann Family of Companies.

Buying – and sometimes selling – businesses has kept the Hoffmann operation busy since Geoff Hoffman and his brother Greg became co-chief executives in 2022, so that they now employ 11,000 people at 400 worldwide locations.

Now Iowa-headquartered Lee has extended a rights plan for shareholders following an unsolicited expression of interest from Hoffmann made public last week. Originally, Lee’s board was responding to a competitor building up its shareholding, but now it has Hoffmann – which now owns 9.8 per cent of Lee – to consider. However, the board says it doesn’t want the rights issue to preclude consideration of any offers, including that of Hoffmann which has been saying since last October that it wants to acquire Lee outright.

Lee’s business has grown from its BH Media acquisitions with nearly 350 weekly and specialty publications serving in 25 states, and digital growing rapidly.

The Hoffmann companies cover Florida – where founder and chairman David lives with wife live and are known as prominent philanthropists – Chicago, where Geoff lives, and Greg’s home city of St. Louis.

With a team of ten focussed on M&A and integration, the media activities may just be a start. And according to Geoff Hoffmn, it’s rare that they get to a letter of intent without closing a transaction.

In an recent interview, he spoke of his admiration for Buffett, saying that while they didn’t model Berkshire Hathaway, they had philosophies in common.

Pictured: scenic cruise operator Sip n’ Sail (top) and a jetski and boat rental company in the Blue Ridge Mountains are among businesses Hoffmann has bought in the past year