LEE ENTERPRISES, Inc — Director's Dealing 2011

Apr 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEE ENTERPRISES, INC (LEE ENT)
CIK: 0000058361
Period of Report: 2011-03-02

Reporting Person: SCHERMER MANAGEMENT CORP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-02	Common Stock	C	1163966	—	Acquired	1163966	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-02	Class B Common Stock	$	C	1163966	Disposed		Common Stock (1163966)	Indirect

Footnotes

F1: The Company's Class B Common Stock automatically converted to Common Stock when the number of outstanding Class B shares declined through trading on March 2, 2011 below the sunset level of 5.6 million shares established in Lee's Restated Certificate of Incorporation, as amended.

F2: Lloyd G. Schermer holds 23.20 limited partnership units of Schermer Investment Partnership, L.P. ("SIP"); Betty A. Schermer holds 39.4639 limited partnership units of SIP; Gregory P. Schermer holds 10 limited partnership units of SIP; Gregory P. Schermer, 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); 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; 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.

F3: The previously filed Form 3 contained scrivener's errors incorrectly reporting Schermer Management Corporation's indirect beneficial ownership as Common Stock rather than Class B Common Stock and overstating the total number of shares held by 30. This Form 4 corrects these scrivener's errors.