Omaha billionaire to buy Tulsa World
The privately held Tulsa newspaper has a daily circulation of 95,000. Terms of the deal, which is expected to close in March, weren't disclosed.
TULSA — Billionaire Warren Buffett's Berkshire Hathaway is buying the Tulsa World for an undisclosed price.
The privately held Tulsa newspaper has a daily circulation of 95,000.
World Publishing Co. Chairman Robert E. Lorton announced the sale to newspaper employees during a meeting Monday morning.
“This has not been an easy decision, as you can imagine, after more than 100 years for the Lortons, but for our employees — you all — for the Tulsa World and for the Tulsa community, we believe — and have decided — this is the best path to the future,” Lorton said.
Robert E. Lorton III, the company's CEO and the newspaper's publisher, will leave the newspaper and will be replaced as publisher by John R. Bair, previously the company's president and chief operating officer.
The deal is expected to close next month.
Terry Kroeger, who runs Berkshire's newspapers, said the Tulsa paper will be a great fit. BH Media Group owns 28 daily newspapers and 42 weekly newspapers in Nebraska, Iowa, Texas, Oklahoma, Virginia, North Carolina, South Carolina, Alabama and Florida.
Berkshire bought 63 Media General newspapers last year for $142 million to launch its newspaper unit. At the end of 2012, Berkshire closed the Manassas News & Messenger, a Virginia newspaper, because it was struggling to compete in the Washington suburbs. But Berkshire has continued buying newspapers since then with the addition of the Greensboro, N.C., News & Record last month, and now the Tulsa World.
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