The Billings Gazette is preparing to leave its longtime downtown headquarters and move several blocks away to Granite Tower, the latest real-estate move by parent company Lee Enterprises as the newspaper chain continues to reshape its business amid years of financial pressure.
The Gazette said its staff will work remotely before moving into the new downtown location during the week of Sept. 21. Lee Enterprises said the sale of the newspaper’s building at 401 N. Broadway has been completed and that the newsroom will remain in downtown Billings.
Lee owns five newspapers and digital news operations in Montana: the Billings Gazette, Missoulian, Helena Independent Record, Montana Standard and Ravalli Republic.
The Billings property was listed for sale in July and later sold at auction.
The move comes as Lee has spent years reducing costs, selling real estate and other assets, and trying to manage a sizable debt load while print advertising and circulation revenue have declined across the newspaper industry.
The company has sold newspaper properties and other noncore assets in multiple markets over the past several years, often using the proceeds to reduce debt and support operations. The strategy has been part of a broader effort to shrink its physical footprint and shift more of its business toward digital subscriptions and advertising.
Lee has also faced pressure in the public markets. The company’s stock has fallen sharply from prior levels, and it has previously received warnings related to exchange-listing requirements, including concerns tied to share price, market capitalization and delayed financial filings. It has remained publicly traded.
The company has continued to report revenue pressure while carrying a substantial debt burden, prompting further cost-cutting and asset sales as it works to stabilize its finances.
The Gazette’s move follows similar decisions elsewhere in Lee’s portfolio, where newspaper offices and printing facilities have been sold, downsized or consolidated.
Despite the change in location, Lee said Gazette employees will continue their community coverage and operations from downtown Billings.