Buffalo News Has Been Sold
The Buffalo News has been sold!
Warren Buffett's company, who's owned it since the about the Blizzard of
77, Berkshire Hathaway, sold it to Lee Enterprises for $140 million.
My partner Charlie Munger and I have known and admired the Lee organization for over 40 years. They have delivered exceptional performance managing BH Media’s newspapers and continue to outpace the industry in digital market share and revenue. We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry’s challenges. No organization is more committed to serving the vital role of high-quality local news, however delivered, as Lee. I am confident that our newspapers will be in the right hands going forward and I also am pleased to be deepening our long-term relationship with Lee through the financing agreement,” Buffett said in a statement this morning.