In 2005 Lee overextended itself by borrowing $1.5 billion to buy other papers, especially the biggest St. Louis newspaper. With the [[Recession of 2008]] came drastic cutbacks in advertising revenue, and Lee is struggling to pay off its loans and is cutting staff.<ref>John T. McNay, "Breaking the Copper Collar: Press Freedom, Professionalization and the History of Montana Journalism." ''American Journalism'' 2008 25(1): 99-123</ref> | In 2005 Lee overextended itself by borrowing $1.5 billion to buy other papers, especially the biggest St. Louis newspaper. With the [[Recession of 2008]] came drastic cutbacks in advertising revenue, and Lee is struggling to pay off its loans and is cutting staff.<ref>John T. McNay, "Breaking the Copper Collar: Press Freedom, Professionalization and the History of Montana Journalism." ''American Journalism'' 2008 25(1): 99-123</ref> |