Warren Buffet Acquires Hometown Newspaper
Renowned investor Warren Buffett announced on Wednesday that his Berkshire Hathaway conglomerate is acquiring his hometown newspaper, the Omaha World Herald. The acquisition actually involved the Omaha World-Herald Company, which operates a number of newspapers in smaller towns in Nebraska and Iowa in addition to the Omaha paper.
The move came as somewhat of a surprise, considering Buffett told investors in 2009 that he wouldn't buy newspapers at any price, as the industry a difficult environment in which profits will be hard to come by. Buffett boasted about his latest acquisition in a statement, however, and said he was pleased to be able to keep his hometown periodical locally owned. "The World-Herald delivers solid profits and is one of the best-run newspapers in America," Buffett bragged.
Financial details of the deal were not disclosed, but statements from both companies indicated the sale would go through by the end of next month. Berkshire Hathaway already owns the Buffalo News, as well as 21 percent of the publicly traded shares of the Washington Post Company. Often referred to as the "Oracle of Omaha," Buffett served on the board of directors at the Washington Post intermittently for 37 years before stepping down in May.
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