Money

Buffett buys another newspaper 0

REUTERS
Berkshire Hathaway Chairman Warren Buffett. REUTERS/Rick Wilking

Berkshire Hathaway Chairman Warren Buffett. REUTERS/Rick Wilking

Warren Buffett is expanding his newspaper empire, with the purchase of a small Texas daily.

Buffett’s Berkshire Hathaway Inc has agreed to buy the Bryan-College Station Eagle in Texas from the Evening Post Publishing Co for an undisclosed sum, according to the Omaha World-Herald. The 123-year-old Eagle has a circulation of 20,000.

Buffett has been on a shopping spree of late, picking up most of Media General Inc’s newspapers and investing in chains like Lee Enterprises Inc.

He stands out for his enthusiasm for small- and medium-sized community-based papers at a time when most investors and companies are heading for the exits.

Freedom Communications sold its remaining newspapers, including the Orange County Register, to a group lead by Massachusetts businessman Aaron Kushner.

The New York Times Co divested its the group of newspapers scattered throughout the U.S. Southeast and California earlier this year.

Berkshire also owns the Buffalo News, the Omaha World-Herald Co and a stake in the Washington Post Co.

 


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