Buffett Selling Papers To Lee Enterprises

OMAHA, Neb. (AP) – Billionaire Warren Buffett is giving up on the newspaper business in a financial move that includes three Panhandle newspapers – the Scottsbluff Star-Herald, Gering Courier and Hemingford Ledger/

Buffett is selling all of Berkshire Hathaway’s BH Media publications in 10 states – 30 daily papers, 49 paid weekly publications with digital sites, and 32 other print products – for $140 million dollars – to Lee Enterprises, which has been managing the BH Media publications since July 2018.

Lee’s holdings include the Chadron Record, Rapid City Journal, Casper Star-Tribune and Lincoln Journal Star.

The deal includes Berkshire Hathaway providing about $576 million in long-term, 9% financing to Lee, which will use it to pay for the BH properties and to refinance its own approximately $400 million in existing debt.

Buffett is a lifelong fan of newspapers but has said for several years that he expects most of them to continue on their declining trajectory, save for a handful of national papers such as The New York Times and The Wall Street Journal.

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