Buffett makes $142M bet on newspaper industry

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.

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.

Warren Buffett consistently advocates for higher taxes. Recently, he called for higher taxes on people making $250k+/year. Is Warrent Buffett a swell guy? Is it enlightened self-interest? This post had an interesting quote.

Former paperboy and current Omaha, Neb., billionaire Warren Buffett is throwing the weight of Berkshire Hathaway Inc.

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."

By Dividendinvestr:The famed Oracle of Omaha, Warren Buffett, and his Berkshire Hathaway (BRK.A) are world-known for making major value investments that generate significant income and capital gains.