How debt did in America’s newspapers

The stock of Lee Enterprises was worth about $1.5 billion when the company borrowed almost an identical amount of money to buy the Pulitzer newspaper group in the summer of 2005. Today, Lee’s shares are worth only $13.5 million.That’s right: $13.5 million. Thus, the stock in this once well regarded company has dropped by more than 99% in 3½ years, vaporizing more than $1.5 billion in value as