The newspaper industry got a dose of good news today with word that billionaire Warren
Buffett’s company Berkshire Hathaway is buying 63 papers from Media General Inc. for $142 million.
The deal includes the Richmond Times-Dispatch and would give Buffett 25 dailies across the coutnry.
Newspapers have had tough times in recent years, but Buffett apparently sees a brighter future as papers implement paywalls for their online products.
“We may buy more newspapers. I think the economics work out OK,” Buffett told shareholders at Berkshire’s annual meeting earlier this month.
Washington Business Journal: Warren Buffett to buy Media General