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Warren Buffett to buy Media General
Berkshire Hathaway will pay $142 million for Richmond-based Media General Inc.'s newspapers, which include the Richmond Times Dispatch and several community papers in Northern Virginia.
The acquisition does not include its properties in Tampa, Fla. Media General says it is in discussions with other potential buyers for its Tampa assets.
Berkshire will also give Media General a $400 million loan and a $45 million line of credit.
The acquisition includes the Woodbridge and Manassas News & Messenger, the Stafford County Sun, InsideNOVA.com and the PW Pulse in Prince William County.
"In towns and cities where there is a strong sense of community, there is no more important institution than the local paper," Buffett said in a statement. "The many locales served buy the newspapers we are acquiring fall firmly in this mold and we are delighted they have found a permanent home with Berkshire Hathaway."
Media General, which says the majority of its cash flow now comes from its broadcast operations, owns 18 network-affiliated television stations, and will concentrate in broadcast and digital growth.
The newspaper sale is expected to close on June 25.
Jeff Clabaugh covers general assignment and provides business coverage for WTOP.
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