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Meet the Florida Billionaire That’s Trying to Save Print.
David Hoffmann has already acquired a 5 percent stake in one of America’s largest newspaper companies, and now he’s eyeing a controlling interest.The newspaper industry has faced significant decline in recent years, leading even renowned investor Warren Buffett to label the business as “toast.”
Yet, Hoffmann, a Florida investor with a net worth of $1.6 billion, is betting against the trend, believing that local newspapers still have a vital role to play. He aims to increase his holdings in Lee Enterprises, which is among the largest newspaper chains in the country.
In a recent interview, the 72-year-old Hoffmann acknowledged that investing in local newspapers in 2024 may seem like a quixotic venture. However, he contends that print journalism is “a key part of the American fabric” and believes Lee Enterprises is undervalued by the market, presenting a promising investment opportunity.
“These local newspapers are crucial for their communities,” he stated. “While the digital age is rapidly changing the landscape, I think there’s space for both print and digital, and we want to contribute to that.”
Hoffmann is relatively new to the newspaper sector. He founded DHR Global, an executive search firm, and has since diversified into a variety of businesses, including Mitch’s Cookies, Oberweis Dairy, the Florida Everblades minor league hockey team, and Linstol, which manufactures in-flight amenities. His media group also owns several small newspapers, including the Mackinac Island Town Crier in Michigan and California’s Napa Valley Register, a former Lee property.
Recent securities filings reveal that a trust associated with Hoffmann’s family purchased a 5.2 percent stake in Lee Enterprises for approximately $4 million. Based in Davenport, Iowa, Lee owns about 75 newspapers across 26 states, including The St. Louis Post-Dispatch and The Buffalo News, which it acquired from Buffett’s BH Media Group in 2020.
But Hoffmann’s ambitions go further. He is motivated by a desire to preserve community news, particularly local sports coverage.
Raised in Washington, Missouri (population 14,500), Hoffmann remembers a childhood without hot running water until his sophomore year of high school. The son of a nurse and a milk delivery man, he lamented the decline of coverage for local sports, having once been the quarterback for his high school team.
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