LEE ENTERPRISES, Inc — Director's Dealing 2010

Oct 1, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEE ENTERPRISES, INC (LEE ENT)
CIK: 0000058361
Period of Report: 2010-09-28

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-09-28	Employee Stock Option (Right to Buy)	$2.57	A	12600	Acquired	2020-09-28	Common Stock (12600)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	38471	Direct
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: Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest, if any, therein.

F2: Reporting Person disclaims beneficial ownership of all the shares of Lee Class B Common Stock ("Lee Class B") held by Schermer Investment Partnership, L.P. ("SIP"), including those held indirectly by Schermer Management Corporation ("SMC"), except to the extent of his pecuniary interest therein. As a result of the gifts of limited partnership interests in SIP noted below, Reporting Person's father, Lloyd G. Schermer, holds 23.20 limited partnership units of SIP; Reporting Person's mother, Betty A. Schermer, holds 39.4639 limited partnership units of SIP; Reporting Person holds 10 limited partnership units of SIP; Reporting Person, as trustee of trusts for the benefit of each of his four children, holds 8 limited partnership units of SIP (2 units held by each such trust); Reporting Person's brother, Grant E. Schermer, holds 2 limited partnership units of SIP; Grant E. Schermer, as trustee of a trust for the benefit of Grant E. Schermer, holds 10 limited partnership units of SIP;

F3: Grant E. Schermer, as trustee of a grantor retained annuity trust for the benefit of Betty A. Schermer during its term and for his benefit upon its termination, holds 6.3361 limited partnership units of SIP; and SMC holds one general partnership unit of SIP.

F4: 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.