Wednesday, November 30, 2011

Werren Buffet buying hometown newspaper

Billionaire investor Warren Buffet is buying his hometown newspaper, the Omaha World-Herald. The purchase, by Buffet’s Berkshire Hathaway Inc., will also include six other daily newspapers and several weeklies across Nebraska and southwest Iowa. Terms were not disclosed.Buffett apparently is putting aside doubts about the industry after telling shareholders in 2009 that many papers have “potential for unending losses” and that he wouldn’t buy most of them “at any price.” The World-Herald is 80-percent owned by its employees and 20-percent held by Peter Kiewit Foundation, the paper said today in a news story about the deal. It’s the No. 49 newspaper in the U.S. by daily distribution of the print edition, the newspaper said. Terry Kroeger, the company’s CEO, will stay with the business, Berkshire said.

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