OMAHA, Neb. (AP) – Warren Buffett says Berkshire Hathaway is buying the Omaha World-Herald Co. for $150 million.
Berkshire said Wednesday that it had agreed to buy Buffet’s hometown newspaper. The deal expands the firm’s newspaper holdings despite Buffett’s misgivings about the industry.
Buffett told the World-Herald that Berkshire agreed to pay $150 million cash and assume $50 million in debt to acquire the newspaper he’s been reading since he was a child.
He says even though the newspaper industry is struggling, well-run papers have a good future.
The deal includes daily newspapers the Omaha World-Herald owns in Council Bluffs, Iowa, Grand Island, York, Kearney, North Platte and Scottsbluff in Nebraska.
Berkshire already owns the Buffalo News and has a sizable investment in the Washington Post Co.