Lee Enterprises to take writedown

SAN FRANCISCO, March 28 (Reuters) - St. Louis Post-Dispatch publisher Lee Enterprises Inc (LEE.N: Quote, Profile, Research) said on Friday it expects to write down about $500 million to $700 million after taxes for the quarter ending March 30, 2008.

Lee said the write-down, which it called an impairment charge, would result in a loss for the quarter and for the full year ending Sept. 28, 2008. It said the complex nature of the calculations involved means the final amount cannot be determined now, and would not be finalized for several months.

The non-cash charge is similar to one that other publishers, including McClatchy Co (MNI.N: Quote, Profile, Research), have taken as the value of their newspaper properties plummets amid an ongoing advertising slump. (Reporting by Robert Macmillan) (robert.macmillan@reuters.com; +1 646 223 6012; Reuters Messaging: robert.macmillan.reuters.com@reuters.net)) Click here to see Reuters MediaFile blog