Billionaire investor makes 2nd print news purchase in a year, buying 63 newspapers, and saying he believes small-town publications lend a sense of community.
This article titled “Warren Buffett’s Berkshire Hathaway buys Media General newspaper group” was written by Dominic Rushe in New York, for guardian.co.uk on Thursday 17th May 2012 15.29 UTC
Warren Buffett, the world’s most famous investor, has made a big bet on small newspapers.
The billionaire investor has bought Media General, owner of 63 local US newspapers covering markets across Alabama, North Carolina, South Carolina and Virginia.
Buffet’s BH Media, part of his Berkshire Hathaway investment company, paid $142m in cash for the titles. Under a separate credit agreement, Berkshire Hathaway will provide Media General with a $400m loan and a $45m revolving credit line.