Buffett makes big bet on small newspapers

By Qineqt:Buffett - Our job is to reign supreme in matters of local importance In towns and cities where there is a strong sense of community, there is no more important an institution than the local paper. -- Warren Buffett

(Reuters) - Berkshire Hathaway Inc will buy all newspapers owned by Media General Inc, with the exception of Tampa group, for $142 million in cash, the companies said.

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.

Ink-stained wretches, take heart. Warren Buffett is again buying newspapers. Media General announced Thursday that it had signed a $142 million deal to sell 63 newspapers to a subsidiary of Berkshire Hathaway. Berkshire will also provide $442 million through a loan and credit line. The acquisition encompasses papers in Virginia, North Carolina, South Carolina and ...

By Saibus Research:We were disappointed that Lee Enterprises' (LEE) stabilizing results for Q4 2012 were offset by news that Berkshire Hathaway (BRK.B) sold 2.1M of its 3.2M LEE shares it received when

ByInvestor 2012:Media General (MEG) recently underwent a transformative transaction whereby it sold most of its newspaper assets (except for the Tampa assets, which generated negative $15mm of EBITDA in 2011) to Berkshire Hathaway (BRK.B) and refinanced its outstanding bank debt with a brand new, very expensive, Berkshire credit facility.