Berkshire Hathaway acquires another newspaper publisher

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Richmond, Va.—Berkshire Hathaway subsidiary BH Media Group has agreed to acquire all local newspapers owned by Media General with the exception of the Tampa Group. Berkshire Hathaway will pay $142 million in cash for the papers, which include 63 dailies and weeklies in Alabama, North Carolina, South Carolina and Virginia. Berkshire Hathaway will also provide Media General with a $400 million term loan and a $45 million revolving credit line. “In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” Warren Buffett, chairman of Berkshire Hathaway, said in a statement. “The many locales served by the newspapers we are acquiring fall firmly in this mold, and we are delighted they have found a permanent home with Berkshire Hathaway.” The deal follows the announcement of Berkshire Hathaway's acquisition of the Omaha World-Herald Co. newspapers in December.
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