Let the record show that when Warren Buffett says he’s considering something, it means he’s definitely doing it. Buffett’s Berkshire Hathaway Media Group just announced that it is buying 63 daily and weekly newspapers from Media General for $142 million in cash. It was only last week when Buffett said that he “may buy more newspapers,” so he obviously had this purchase in mind already.
The papers involved in the deal — which is expected to close June 25 — are published in Virginia, North Carolina, South Carolina and Alabama. The acquisition also includes all of the papers’ digital brands and tablet apps. The only property not being sold to Berkshire Hathaway is Media General’s Tampa group.
In a statement, Buffett once again trumpeted the power of newspapers. “In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” he explained. “The many locales served by the newspapers we are acquiring fall firmly in this mold and we are delighted they have found a permanent home with Berkshire Hathaway.”
Since we’re big newspaper fans, we might just send Buffett a thank you note.