8	ACQUISITIONS

The allocation of the purchase price is preliminary pending the finalization of the fair value of the acquired net assets and liabilities assumed, deferred income taxes, assumed income and non-income based tax liabilities and goodwill. These amounts are subject to adjustment as additional information is obtained within the measurement period (

not

to exceed

months from the acquisition date). As part of the Transactions, the Company also entered into the Credit Agreement and the BH Lease, as described above. The Company concluded that these agreements were

not

separate from the Transactions and evaluated these agreements for off-market terms and

such terms were identified. As such, the consideration for the acquisitions was limited to cash consideration, as shown below. The accounting for the Credit Agreement and the BH Lease are described in Notes

and

The following table summarizes the preliminary determination of fair values of the assets and liabilities for the Transactions.

(in Thousands)
Cash and cash equivalents	$	22,293
Current assets		52,559
Other assets		12,167
Property and equipment		42,952
Operating lease assets		7,445
Advertiser relationships		38,780
Subscriber relationships		36,060
Commercial print relationships		17,130
Mastheads		21,680
Goodwill		63,559
Total assets		314,625
Current liabilities assumed		(73,451	)
Operating lease liabilities		(6,625	)
Other liabilities assumed		(2,246	)
Pension obligations		(43,503	)
Postemployment benefit obligations		(36,800	)
Total liabilities		(162,625	)
Net assets		152,000
Less: acquired cash		(22,293	)
Total consideration less acquired cash	$	129,707

We expect to finalize our determination of fair values and liabilities by the end of fiscal year

2020.

For the

weeks ended

March 29, 2020,

the revenue and net income included in the Consolidated Income Statement related to the acquirees was

$14,648,000

and

$1,013,000,

respectively.

Pro Forma Information

The following table sets forth unaudited pro forma results of operations assuming the Transactions, along with the credit arrangements necessary to finance the Transactions, occurred on

October 1, 2018,

the

first

day of fiscal year

2019.

		Unaudited
		13 Weeks Ended			26 Weeks Ended
		March 29,	March 31,		March 29,	March 31,
(Thousands of Dollars, Except Per Share Data)		2020	2019		2020	2019
Total revenues	$	207,329	230,323		442,025	494,072
Income (loss) attributable to Lee Enterprises, Incorporated	$	4,053	(3,992	)	20,608	4,483
Earnings per share - diluted	$	0.07	(0.07	)	0.36	0.08

This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other acquisition accounting adjustments. This pro forma information is

not

necessarily indicative of what our results would have been had we operated the businesses since the beginning of the periods presented. The pro forma adjustments reflect the income statement effects of depreciation expense and amortization of intangibles related to the fair value adjustments of the assets acquired, acquisition-related costs, incremental interest expense related to the financing of the Transactions and

2020

Refinancing, the Lease agreement entered into as part of the Transactions, the elimination of certain intercompany activity and the related tax effects of the adjustments.

The only material, nonrecurring adjustments made relate to the write-off of previously unamortized debt-issuance costs as of

October 1, 2018

which resulted in the following changes to net income:

	•	$10,670,000 increase to net income for the 13 weeks ended March 29, 2020.

	•	$962,000 increase to net income for the 13 weeks ended March 29, 2019.

	•	$11,866,000 increase to net income for the 26 weeks ended March 29, 2020.

	•	$15,614,000 decrease to net income for the 26 weeks ended March 29, 2019.