Buffett Buys Hometown Newspaper (BRK-A, BRK-B, WPO)
Is Warren Buffett just an old softie? Berkshire Hathaway Inc. (NYSE: BRK-A, BRK-B) has announced that it is purchasing the Oracle of Omaha’s hometown newspaper, the Omaha World-Herald, and six other daily and several other weekly newspapers serving Nebraska and…
Is Warren Buffett just an old softie? Berkshire Hathaway Inc. (NYSE: BRK-A, BRK-B) has announced that it is purchasing the Oracle of Omaha’s hometown newspaper, the Omaha World-Herald, and six other daily and several other weekly newspapers serving Nebraska and southwest Iowa. Berkshire Hathaway already owns about 1.72 million shares in The Washington Post Co. (NYSE: WPO) and Buffett recently resigned from the company’s board of directors.
About the acquisition Buffett said:
“The World-Herald delivers solid profits and is one of the best-run newspapers in America, and we are pleased to have Terry Kroeger and his team join Berkshire Hathaway,” said Warren Buffett, Berkshire’s chief executive officer. “We are also delighted to report that the editorial independence that Nebraskans and Iowans have come to expect from the World-Herald will continue.”
The Omaha World-Herald Company also owns World Marketing, Inc., a direct marketing firm with operations in Omaha, Chicago, Atlanta, Dallas and Los Angeles according to the announcement.
The acquisition price was not disclosed.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
