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The media industry has seen big investments from billionaires who have taken on newspapers and magazines in recent years. But amid this, Warren Buffett is shedding the responsibility.
Berkshire Hathaway, Buffett’s holding company, announced today that it would sell BH Media Group, BHMG, and its collection of 30 daily newspapers to Lee Enterprises, a publicly traded media company, for $140 million in cash.
“I am confident that our newspapers will be in the right hands going forward, and I also am pleased to be deepening our long-term relationship with Lee through the financing agreement,” Buffett said in a statement.
The news comes amid a troubling time for publishers, particularly local ones, that are left to reckon with a decline in print advertising that has not yet been made up for in digital advertising.
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