Berkshire Hathaway to buy Media General newspapers for $142 million

Billionaire Warren Buffett's holding company unveiled plans Thursday to pour millions into a chain of small newspapers, saying they represent "an important institution" for communities.A subsidiary of Buffett's Berkshire Hathaway, BH Media Group, will purchase all of the newspapers owned by Media General, with the exception of the Tampa group, for $142 million in cash, a statement said.Media General said it is in discussions with other prospective buyers for the Tampa unit.

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."

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.

(Reuters) - The U.S. securities regulator has decided not to take action against David Sokol, once considered a possible candidate for the top job at Warren Buffett's Berkshire Hathaway Inc, Sokol's lawyer told Reuters.

Warren Buffett's Berkshire Hathaway agreed to buy 63 daily and weekly newspapers from Media General for $142 million, Berkshire's second move in six months to expand into the depressed newspaper market.

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

Warren Buffett's Berkshire Hathaway agreed to buy 63 daily and weekly newspapers from Media General for $142 million, Berkshire's second move in six months to expand into the depressed newspaper market.