LEE ENTERPRISES, Inc — Director's Dealing 2008

Nov 20, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEE ENTERPRISES, INC (LEE ENT)
CIK: 0000058361
Period of Report: 2008-11-18

Reporting Person: SCHERMER GREGORY P (Director, Vice Pres.-Interactive Media, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-11-18	Common Stock	F	1006	$1.52	Disposed	40113	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
1997-11-03	Employee Stock Option (Right to Buy)	$26.625	A	350	Acquired	2007-11-03	Common Stock (1400)	Direct
1998-11-15	Employee Stock Option (Right to Buy)	$27.188	A	1000	Acquired	2008-11-15	Common Stock (4000)	Direct
1999-11-09	Employee Stock Option (Right to Buy)	$29.938	A	7500	Acquired	2009-11-09	Common Stock (7500)	Direct
2000-11-13	Employee Stock Option (Right to Buy)	$25.938	A	7500	Acquired	2010-11-13	Common Stock (7500)	Direct
2001-11-14	Employee Stock Option (Right to Buy)	$35.46	A	12000	Acquired	2011-11-14	Common Stock (12000)	Direct
2002-11-13	Employee Stock Option (Right to Buy)	$32.49	A	12000	Acquired	2012-11-13	Common Stock (12000)	Direct
2003-11-12	Employee Stock Option (Right to Buy)	$43.25	A	7000	Acquired	2013-11-21	Common Stock (7000)	Direct
2004-11-19	Employee Stock Option (Right to Buy)	$47.64	A	4560	Acquired	2014-11-18	Common Stock (4560)	Direct
2005-11-18	Employee Stock Option (Right to Buy)	$39.60	A	5310	Acquired	2015-11-18	Common Stock (5310)	Direct
2006-11-14	Employee Stock Option (Right to Buy)	$28.72	A	11930	Acquired	2016-11-14	Common Stock (11930)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	540	Indirect
Common Stock	2000	Indirect
Common Stock	540	Indirect
Common Stock	540	Indirect
Common Stock	540	Indirect
Class B Common Stock	512970	Direct
Class B Common Stock	1163966	Indirect
Class B Common Stock	6000	Indirect
Class B Common Stock	6000	Indirect
Class B Common Stock	4000	Indirect
Class B Common Stock	55010	Indirect

Footnotes

F1: Includes shares purchased through Issuer's dividend reinvestment program, including an additional 1,297 shares purchased in
the fiscal year ended 9/30/2008.

F2: Reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest, if any,
therein.

F3: These securities are exercisable as follows: 30% upon the first anniversary date of the grant; 60% upon the second
anniversary date of the grant; and 100% upon the third anniversary date of the grant.

F4: On August 8, 2008, the Reporting Person's outstanding stock options were voluntarily tendered to the Issuer for cancellation
and termination without consideration or promise of consideration pursuant to a Cancellation and Termination Agreement
between the Issuer and the Reporting Person of even date.