September 28, 2026

Complementary Transaction Supports Local Journalism in Arizona, Montana and South Dakota

USA TODAY Co., Inc. (NYSE: TDAY) and Lee Enterprises, Incorporated (NASDAQ: LEE) announced today strategic agreements that signal an exciting next chapter for both organizations, effective immediately. The agreements conclude TNI Partners, the joint venture involving the Arizona Daily Star, where Lee Enterprises led the Arizona Daily Star’s newsroom, production and related technology operations, while USA TODAY Co. managed advertising and sales, accounting and finance functions. USA TODAY Co. will assume full ownership and operations of the Arizona Daily Star. This marks the beginning of a new chapter for local journalism and community engagement across Arizona where USA TODAY Co. owns The Arizona Republic.  
 
At the same time, Lee Enterprises will acquire publications in South Dakota and Montana respectively to include the Sioux Falls Argus Leader, the Aberdeen American News (including the Farm Forum), the Watertown Public Opinion and the Great Falls Tribune. Lee Enterprises maintains a strong footprint across Montana through the Billings Gazette, Independent Record, Missoulian, The Montana Standard and Ravalli Republic, as well as the Rapid City Journal in South Dakota. 
 
These transactions allow each company to be better positioned to focus resources where they can have the greatest local impact. Aligning these trusted brands in these markets enables both companies to invest in growth, serve local audiences and support the future of community journalism. 
 
“These thoughtful transactions reflects a strategic decision to best serve these communities and support the future of local journalism,” said Michael A. Anastasi, Senior Vice President of Local News, USA TODAY Network. “As leaders in the industry, we have a responsibility to ensure local news organizations are positioned for long-term success. We are proud to welcome the Arizona Daily Star and its talented team to the USA TODAY Network and look forward to building on its longstanding tradition of trusted local journalism.” 
 
“We’re honored to deepen our commitment to the communities of Montana and South Dakota,” said Nathan Bekke, Lee’s President and Chief Executive Officer. “Across the 193 brands we serve in 28 states, our focus is the same: providing trusted local news and information that helps people stay informed, connected and engaged in their communities.”