Warren Buffett continues to buy struggling newspapers
Berkshire Hathaway’s newspaper division is acquiring a small Texas paper in the home of Texas A&M University.
Berkshire’s Omaha World-Herald Co. said Tuesday it will acquire the Bryan-College Station Eagle from the privately held Evening Post Publishing Co., of Charleston, S.C.
Purchase terms for the 20,000-circulation newspaper with 95 employees were not disclosed.
But the deal fits with Berkshire CEO Warren Buffett’s stated interest in buying small and medium-sized newspapers in places with a strong sense of community.
Last month, Berkshire announced a deal to buy 63 newspapers from Media General Inc. for $142 million.
Warren Buffett’s Omaha World-Herald reports on his latest acquisition: the Bryan-College Station Eagle of Texas:
The Eagle’s 95 employees publish a 20,000-circulation daily newspaper with related digital and print products and commercial printing.
“It’s got all the elements of a great community newspaper market that we look for,” said World-Herald CEO Terry Kroeger, including Texas A & M University, a strong medical community and a great business environment. “We think it’s a terrific market, and it was available at a reasonable price.”
The purchase adds to Berkshire Hathaway Inc.’s growing portfolio of newspapers. Berkshire bought The World-Herald in December and, last month, Berkshire CEO Warren Buffett announced that he would buy a group of 63 newspapers from Media General Corp., a deal due to close later this month. Buffett also said he was interested in buying more newspapers that have strong ties to their communities.
Photo/Pete Souza via wikimedia commons
