Warren Buffett is selling his newspaper empire After complaining industry, Toast ‘

Warren Buffett is always out of the newspaper business. Berkshire Hathaway Inc. agreed to his BH media unit and its 30 daily newspapers with Lee Enterprises Inc. to sell for $140 million cash cards, including the St. Louis Post-Dispatch, he has. Lee has since 2018, the cards for Buffett’s company under its own responsibility and Berkshire Lee the money for the purchase is on loan. Buffett, who delivers the documents as a teenager and got a job in the industry is investing in its exclusive use of local advertising Burg, is last year complained that most of the newspapers are “toast”. BH Media, newspapers around the country has, Jobs has been to cope with the decrease in advertising revenue for years cutting. “We had zero interest in selling group for each other for a very simple reason: We believe that Lee is best positioned over the challenges branches to handle,” Buffett said in a statement on Wednesday. In 2018, Buffett confirmed that he was surprised by the fact that the drop in demand for newspapers was not diminished and that his company had not found a successful strategy to combat the fall of advertising and distribution. In the same year, the spread of US newspapers fell to its lowest level since 1940, according to the Pew Research Center. hometown of Lee selling Buffett Omaha World-Herald and Buffalo News will include a document that has been more than four decades in possession, along 49 weekly newspapers and a number of other printed products, the company in the statement. Lee’s stock jumped on the news, more than twice in New York for $2.78 at 9:51. Lee Lee Berkshire loan for a loan $576 million of 9% every year for the purchase and refinance other debts. Excluded from the sale are the property of BH media that Lee less than 10 years the lease. It is a rare step for the conglomerate as he said that Buffett prefers to keep company for long. The newspaper business, but is held the second sale Berkshire in less than a year, including the sale of an end of the insurance business in 2019. Berkshire has other old-style companies, including door-to-business Kirby vacuum cleaners door Co. . Lexikonverlag and World Book. Buffet has extensive ties to the newspaper industry. Previously, he belonged in Omaha Sun, who won a Pulitzer Prize for his investigation of Boys Town and struck a deal the World-Herald in 2011. The billionaire also had a long friendship with and has been a business coach Katharine Graham to buy, and he was beside her director at the Washington Post Co. a few bright spots, like most prosperous New York Times Co., the newspaper business is in crisis in the United States McClatchy Co. – are about 30 newspapers, including the Miami Herald and Charlotte Observer – struggling to avoid bankruptcy as it contends with the obligations and pension liabilities. The Salt Lake Tribune, a nonprofit last year to find a profitable business model after failing. As the press has craters social media publicity in recent years with the rise of, have swooped Craigslist and announcements, equity research private companies and hedge funds for the benefit of the newspapers even though to catch decrease in revenue flows constantly. New Media Investment Group Inc., controlled by private equity firm to form Fortress Investment Group LLC, has acquired USA Today owner Gannett Co. last year, the largest US newspaper chain. The deal prompted concern in journalistic circles reputation new media newsroom layoffs because, although the new cuts of widespread Gannett jobs are committed to leadership to avoid. –With assistance from Gerry Smith
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