India online media company buys 10 percent stake in Davenport-based Lee Enterprises, Inc.

An India online media company, Quint Digital Limited of Delhi, has purchased a 10 percent stake in Lee Enterprises, Inc., owner of the Quad City Times, the Dispatch/Argus and more than 70 other media properties.

Quint Digital and three of its owners, Raghav Bahl, Ritu Kapur and Vidar Bahl, purchased a total of 614,455 shares of Lee on Feb. 8. That represents 10 percent of Lee's outstanding common shares.

Quint Digital's principal business is the operation of an English and Hindi language general news and opinion website, www.thequint.com. The monthly unique readership of the website was estimated at nearly 25 million in 2019 by web analytic firm ComScore.

The company reported its acquisition of Lee shares to the U.S. Security and Exchange Commission (SEC) as required when a firm obtains a stake of 6 percent or more in a publicly held corporation.

Another firm, Solas Capital Management LLC, of Darien, CT also recently purchased a stake in Lee, acquiring 413,997 shares (6.7 percent) on Feb. 14. Solas Capital is an investment management firm to two private funds. Frederick Tucker Golden is listed as one of the investors and the portfolio manager for Solas Capital.