About this episode
Kuppy comes on the show to discuss his recent activism at LEE and why he thinks the stock is dramatically undervalued.
My notes on LEE: https://twitter.com/AndrewRangeley/st...
Kuppy's LEE thesis: https://adventuresincapitalism.com/20...
KEDM: https://www.kedm.com/what-is-kedm/
Chapters
0:00 Intro
2:00 LEE Overview
7:55 Why does Kuppy think Alden's LEE offer is so undervalued?
12:35 Why does small town, local news offer a moat?
17:30 Is LEE's digital growth real or is it just small base effect?
20:20 Can the LEE team execute the growth / digital opportunity?
30:15 Why did Berkshire sell their newspaper to LEE if the growth is so attractive?
35:40 Is TownNews a hidden gem?
40:00 What other levers can LEE pull to juice growth?
42:15 Online gambling upside for newspapers
44:30 Valuing LEE"s digital side
51:20 Why are papers like Tribune selling if the outlook for digital is so good?
53:35 Closing thoughts
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