ST. LOUIS — David Hoffmann is poised to become chairman of St. Louis Post-Dispatch owner Lee Enterprises after investing $35 million in the company, giving him a far greater stake in the newspaper publisher.

The move puts Hoffmann Family of Cos. in a prominent position at Lee, even if the firm won’t yet outright own it as it has desired. Following the transaction, which is expected to close in the first quarter, Hoffmann would have 12 million shares of about 20 million outstanding. Other large Lee shareholders include Quint Digital. Lee’s current CEO, Kevin Mowbray, will leave when the Hoffmann transaction is approved, with a $1.5 million severance payment, and COO Nathan Bekke will become interim chief.

Lee would raise a total $50 million, with the remaining $15 million coming from additional investors. Hoffmann said he would purchase any remaining common stock not purchased by them. The deal contemplates shares selling at $3.25, a discount from the more than $4 share price Tuesday.

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