Lee Enterprises reports improved revenue trends, cost management, and growth in adjusted EBITDA. The company's focus on expanding digital audiences, subscriptions, and advertising has led to significant growth in digital revenue, which now represents 40% of total revenue.
Lee expects to generate over $450 million in recurring digital revenue within five years and surpass the 50% digital revenue mark next quarter. The company aims for $150 million in recurring digital subscription revenue and $300 million in digital advertising revenue by 2028.
Fiscal year 2024 projected digital revenue is between $310 million and $330 million, a 70% growth rate over the previous year. Cost management strategies resulted in a 16% reduction in cash costs YoY in Q2, with significant savings from managing the print product portfolio.
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