> Warren Buffett Blog: WARREN BUFFETT makes another big bet on newspapers, buying 63 from Media General

Thursday, November 7, 2013

WARREN BUFFETT makes another big bet on newspapers, buying 63 from Media General

Just three years ago, billionaire Warren Buffett told stockholders at his Berkshire Hathaway Inc. annual meeting that newspapers were doomed to be money-losing propositions. “For most newspapers in the United States, we would not buy them at any price,” he said at the time.


But last November he paid $200 million to buy his hometown daily, the Omaha World-Herald. And on May 17, he announced he was buying 63 dailies and weeklies from Media General Inc. for $142 million in cash. The deal includes such notable titles as the Richmond Times-Dispatch and the Winston-Salem Journal, but not its biggest property, the Tampa Tribune. Media General said it was in discussions with other perspective buyers for the Tribune.