Berkshire’s Buffett: Another Buying Binge?
AnchorageDailyNews reports from Waco, Texas Warren Buffett’s Berkshire Hathaway has been out shopping again, this time buying two Texas newspapers—the Bryan College Station Eagle, announced earlier this month, and now the Waco Tribune-Herald. With 124 employees and a Sunday circulation of 39,000, the Herald-Tribune fits Buffett’s expressed interest in buying small and medium-sized newspapers. A one-time news boy himself, Buffett said recently, “In towns and cities where there is a strong sense of community, there is no more important institution than the local paper.” Berkshire has owned the Buffalo News (NY) for many years, bought the company’s hometown paper, the Omaha World-Herald in Dec. 2011, and is the largest shareholder in the Washington Post with a 23 percent stake. Last month the company announced it is buying 63 newspapers from Media General, Inc, for $142 million and is lending Media General $445 million in exchange for a 19.9 percent stake in the company and a seat on its board of directors. Berkshire Hathaway owns MH manufacturer Clayton Homes of Maryville, Tennessee.
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