LEE ENTERPRISES, Inc — Director's Dealing 2012

May 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEE ENTERPRISES, INC (LEE ENT)
CIK: 0000058361
Period of Report: 2012-04-30

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-30	Employee Stock Option (Right to Buy)	$1.13	A	40000	Acquired	2022-04-30	Common Stock (40000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	546688	Direct
Common Stock	540	Indirect
Common Stock	2000	Indirect
Common Stock	540	Indirect
Common Stock	540	Indirect
Common Stock	540	Indirect
Common Stock	1163966	Indirect
Common Stock	6001	Indirect
Common Stock	4001	Indirect
Common Stock	1	Indirect
Common Stock	1	Indirect
Common Stock	55000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$2.57	2020-09-28	Common Stock (12600)	12600	Direct

Footnotes

F1: Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest, if any, therein.

F2: Since the date of the Reporting Person's last ownership report, the Reporting Person no longer reports as indirectly-owned 6,000 shares of Common Stock owned by his ex-wife.

F3: Reporting Person disclaims beneficial ownership of all the shares of Common Stock 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. Reporting Person holds 41.5 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 49.5 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.