Berkshire Buys 63 Papers, Takes Stake in Media General

By Sammy Pollack:Shares of New York Times Co (NYT), publisher of the New York Times are down 86% over the past 10 years as the fortunes for the newspaper business have deteriorated significantly. However, the deteriorating business model has not stopped legendary investor Warren Buffett from finding value.

author name submits:Here's a quick dose of advice doled out by Berkshire Hathaway's (BRK.B) Vice-Chairman Charlie Munger to investors thinking about investing in newspapers: "Ordinary newspapers will come to perish. The microeconomics are too tough to overcome. It's not a place to invest your money."

The world has come to expect some zany down-home fun at every Berkshire Hathaway Annual Shareholder meeting, but this year one skit out shined all the skits we've had logged in our recent memory.

Warren Buffett's Berkshire Hathaway will spend $142 million in cash buying 63 of Media General's daily and weekly newspapers, along with their commercial printing businesses.Former paperboy and current Omaha billionaire Warren Buffett is throwing the weight of Berkshire Hathaway Inc.

Warren Buffett's Berkshire Hathaway is making another bet on the newspaper industry, with a deal to buy the majority of Media General Inc.

By Wealth Daily: By Swagato Chakravorty Print media is dying, they say. You’re reading this right now on a digital screen. Times are hard for journalists and reporters. So why on Earth is legendary investor Warren Buffett buying up newspapers?

Warren Buffett's Berkshire Hathaway agreed to acquire the 19.9% of Wesco Financial that it doesn't already own in a deal valued at about $547.6 million. Wesco is run by Berkshire Vice Chairman Charlie Munger.