Indian digital site The Quint has joined American regional Hoffmann Media in a deal that takes control of US publisher Lee Enterprises, including many of Warren Buffet’s former mastheads.

Hoffman started the New Year with a US$50 million (A$74.08 million) investment deal, with founder and chairman David Hoffman personally contributing about $35 million.

Privately-held news and opinion site The Quint Digital – led by Raghav Bahl and Ritu Kapur – invested US$5.49 million in February 2024 for an 8.4 per cent share in Lee, and is now among existing investors contributing another US$15 million.

There was an element of urgency about the arrangement which sees a change in management and reduced borrowing costs, and is expected to be accompanied by aggressive plans for transformation.

Lee now publishes in 72 markets across 25 states, having bought Buffett’s Berkshire Hathaway stable of 31 daily newspapers just five years ago, doubling its size. It also bought the Buffalo News in New York from BHMG for US$140 million, with Berkshire Hathaway providing all the cash – approximately US$576 million in long-term financing to Lee at a rate of nine per cent per annum as its sole lender.

Under the new arrangement, David Hoffmann becomes chair of Lee’s board which will hold a special meeting in the first quarter of 2026. He replaces Mary Junck, while chief executive Kevin Mowbray, who spent nearly 40 years with the company, has announced his retirement as part of the transition.

The deal also unlocks the existing credit facility, reducing the interest cost to five per cent, and according to reports, “is expected to significantly improve cash flow and help stabilise the company’s balance sheet”.

Pictured: Ritu Kapur, who is co-founder and chief executive of Quintillion Media, at WAN-Ifra’s Digital Media India event in 2020

Florida-based Hoffman is reported to have started buying local news outlets across the US in 2022. Most recently, he acquired the Aspen Daily News, with co-owner David Cook staying on as publisher. He is pictured (left) with previous owner Spencer McKnight (right) and associate publisher Megan Tackett at Mawa’s Kitchen in 2023.

The paper covers the Roaring Fork Valley, and according to a statement, “staffing and coverage priorities will remain unchanged”.

Hoffmann’s other investments in the Valley are reported to include trucking and destination management companies and several real estate holdings in western Colorado.