Billionaire investor Warren Buffett has sold more than 30 local newspapers for $140 million by skleb1234
over the last decade by rapidly buying up other daily and weekly newspapers, incorporating them into a division called the Berkshire Hathaway Media Group.
Iowa-based Lee Enterprises had been managing Berkshire’s media group operations for the past 18 months; the company’s purchase from Berkshire Hathaway will now increase its portfolio of 50 daily newspapers to 81 in total. As part of the deal, Buffett’s Berkshire Hathaway will retain ties to Lee by becoming its sole lender and providing $576 million in financing at a 9% interest rate.
The loan from Berkshire will be used in part to pay for the acquisition, but also to refinance Lee’s approximately $400 million of existing debt, the company said in its
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