Buffett's firm buys Greensboro, NC, newspaper

Published on NewsOK Modified: January 31, 2013 at 3:10 pm •  Published: January 31, 2013
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OMAHA, Neb. (AP) — Warren Buffett's Berkshire Hathaway Inc. said Thursday that it is adding the Greensboro, N.C., News & Record to its growing newspaper division.

Berkshire bought the 122-year-old daily newspaper from Landmark Media Enterprises, based in Norfolk, Va.

Financial terms were not disclosed. The Omaha World-Herald, which oversees Berkshire's newspaper division, reported that the News & Record has daily circulation of 58,000 and Sunday circulation of 86,000.

Buffett did not immediately respond Thursday to email questions about the Greensboro acquisition.

Omaha World-Herald Publisher Terry Kroeger, who leads the newspaper unit, said the Greensboro newspaper will be a great fit with the other small and medium-sized community newspapers Berkshire has purchased.

"We're delighted to have the Greensboro News & Record join our growing family of newspapers," Kroeger said.

Newspapers remain a relatively small part of Berkshire Hathaway, which owns an assortment of more than 80 subsidiaries and holds major stakes in companies like Coca-Cola Co., Wells Fargo and IBM.

Buffett has said he thinks newspapers will continue earning a decent return as long as they remain the primary source of information about their communities.

Outsell Inc. media analyst Ken Doctor said Buffett is quickly becoming the buyer of choice for these smaller newspapers.

"Warren Buffett is emerging as the main street buyer of newspapers. He wants these main street newspapers," Doctor said.

Last year Berkshire acquired 63 Media General newspapers for $142 million and launched its new newspaper unit. The Media General paper joined the Buffalo News, the Omaha World-Herald and several other newspapers in Nebraska and Iowa that Berkshire already owned although the Buffalo paper operates independently from the newspaper unit.

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