Buffett's Firm Completes $142M Media General Deal

By: Associated Press
By: Associated Press

Warren Buffett's company completed its acquisition of 63 Media General newspapers on Monday.

The $142 million purchase announced last month gives Berkshire Hathaway Inc. ownership of the Richmond Times-Dispatch in Virginia, the Winston-Salem Journal in North Carolina, the Morning News of Florence, S.C., and other papers.

Berkshire also lent Media General $445 million to pay off debt as part of this deal. In return, Berkshire is getting the 19.9 percent stake in Media General and a seat on the board.

Since announcing the Media General deal, Berkshire announced plans to acquire two small Texas newspapers and disclosed owning percent of Lee Enterprises stock.

Buffett has said Berkshire may continue buying small and medium-sized newspapers in strong communities because he believes they have a decent future.


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