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Published On: Mon, Jun 18th, 2012

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

 

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About the Author

- Writer and Co-Founder of The Global Dispatch, Brandon has been covering news, offering commentary for years, beginning professionally in 2003 on Crazed Fanboy before expanding into other blogs and sites. Appearing on several radio shows, Brandon has hosted Dispatch Radio, written his first novel (The Rise of the Templar) and completed the three years Global University program in Ministerial Studies to be a pastor. To Contact Brandon email [email protected] ATTN: BRANDON

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