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Berkshire Buys Media General Newspapers for $142 Million
Posted by: Dheeraj Grover (IP Logged)
Date: May 17, 2012 09:31AM
Warren Buffett's Berkshire Hathaway (BRK.A)(BRK.B) agreed to buy newspapers owned by Media General Inc. (MEG) for $142 million in cash as it expands its publishing holdings.
Berkshire will also provide Media General a $400 million term loan and a $45 million revolving credit line, the Richmond, Va.-based newspaper company said today in a statement. The deal includes all of the company’s newspapers except for the Tampa group, according to the statement.
Berkshire is expanding in newspapers after purchasing Buffett’s hometown paper, the Omaha World-Herald Co., last year.
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