Warren Buffett made good Thursday on his promise to buy more newspapers, agreeing to buy 63 daily and weekly newspapers in the Southeast for $142 million from financially troubled Media General Inc. of Richmond, Va.
And Buffett said Thursday he may buy more newspapers. “Any time we can add properties we like, to management we like, at a price we like, we're ready to go.”
The newspapers, in Virginia, North Carolina, South Carolina, Alabama and Florida, would be combined with the Omaha World-Herald Co. into a new Berkshire Hathaway Inc. division called BH Media Group. They would be managed by World Media Enterprises, a new sister company of The World-Herald.
“In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” said Buffett, chairman and CEO of Berkshire, in a press release. “The many locales served by the newspapers we are acquiring fall firmly in this mold, and we are delighted they have found a permanent home with Berkshire Hathaway.”
The purchase includes the newspapers' web sites, printing operations and related businesses. Berkshire would make a debt-refinancing loan to Media General, which would keep its TV stations and sell separately the Tampa (Fla.) Tribune, its largest newspaper.
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Metro/Region - Omaha.com
Sounds like another media-baron dude.
Can you spot the odd-man out?
And Buffett said Thursday he may buy more newspapers. “Any time we can add properties we like, to management we like, at a price we like, we're ready to go.”
The newspapers, in Virginia, North Carolina, South Carolina, Alabama and Florida, would be combined with the Omaha World-Herald Co. into a new Berkshire Hathaway Inc. division called BH Media Group. They would be managed by World Media Enterprises, a new sister company of The World-Herald.
“In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” said Buffett, chairman and CEO of Berkshire, in a press release. “The many locales served by the newspapers we are acquiring fall firmly in this mold, and we are delighted they have found a permanent home with Berkshire Hathaway.”
The purchase includes the newspapers' web sites, printing operations and related businesses. Berkshire would make a debt-refinancing loan to Media General, which would keep its TV stations and sell separately the Tampa (Fla.) Tribune, its largest newspaper.
more
Metro/Region - Omaha.com
Sounds like another media-baron dude.
Can you spot the odd-man out?