Warren Buffett’s Company Buying Omaha World-Herald

Warren Buffett’s Berkshire Hathaway announced this afternoon that it is acquiring the Omaha World-Herald Co., which includes the flagship newspaper as well as daily newspapers across the Midwest.

The deal is somewhat remarkable as Buffett has previously said that he doesn’t believe the newspaper industry is a profitable one. He told shareholders two years ago that most newspapers face “unending losses,” the Associated Press reports.

But the Omaha World-Herald, he said, is in better shape than most newspapers. “The World-Herald delivers solid profits and is one of the best-run newspapers in America, and we are pleased to have Terry Kroeger and his team join Berkshire Hathaway,” Buffett said in a statement.

The World-Herald is the largest employee-owned paper in the U.S.