Berkshire Hathaway acquires another newspaper publisher
By Sean Callahan
Richmond, Va.—Berkshire Hathaway subsidiary BH Media Group has agreed to acquire all local newspapers owned by Media General with the exception of the Tampa Group. Berkshire Hathaway will pay $142 million in cash for the papers, which include 63 dailies and weeklies in Alabama, North Carolina, South Carolina and Virginia.
Berkshire Hathaway will also provide Media General with a $400 million term loan and a $45 million revolving credit line.
“In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” Warren Buffett, chairman of Berkshire Hathaway, said in a statement. “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 deal follows the announcement of Berkshire Hathaway's acquisition of the Omaha World-Herald Co. newspapers in December.