Buffett Sells off Stake in Newspapers
CBJ — It’s no secret the entire newspaper industry has fallen on hard times with more people obtaining their news and information from digital resources, but it was dealt another significant blow, if only from a public relations perspective, on word that American billionaire Warren Buffett and his Berkshire Hathaway company have opted to sell their entire newspaper business to Lee Enterprises for $140 million in cash.
The 89-year-old Buffett has long been a defender of print journalism, but nonetheless has decided its time to abandon the industry due to mounting financial losses.
The sale includes 30 daily papers and several dozen weeklies.
Lee Enterprise’s current newspaper portfolio include the St. Louis Post-Dispatch and will give the business a total of 81 once the deal is finalized.
Newspapers represented only a small part of Berkshire, which has more than 90 operating businesses.