Warren Buffett is adding a television station to Berkshire Hathaway’s media portfolio: the company will acquire WPLG, the ABC affiliate in Miami, from Graham Holdings Co.’s Post-Newsweek station group.
In addition to WPLG, the deal includes Berkshire shares currently held by Graham Holdings Co. and cash. The amounts of both will be determined on the closing date, Berkshire Hathaway says.
“Warren Buffett’s 40-year association with our company has been extremely good for our shareholders. Naturally, the deal that we have put together is one that will be good for both companies,” said Donald E. Graham, chairman and CEO of Graham Holdings. “We thank our longtime colleagues at WPLG for their enormous contributions and congratulate them on the opportunity to join one of the greatest companies in America.”
WPLG is one of the Post-Newsweek Stations named for the Graham family, which has controlled the company since 1933: the call letters for WPLG in Miami are for Philip Leslie Graham, Donald Graham’s father and the former publisher and and co-owner of The Washington Post.
In 2008, Post-Newsweek reached a deal to acquire WTVJ in Miami from NBCUniversal. The deal was later called off due to a “delay in receiving the necessary regulatory approval.”