Warren Buffett Sells His Media Business
Under the deal, Lee Enterprises will buy about 80 daily and weekly editions for $ 140 million, while Buffett-owned Berkshire Hathaway will provide Lee Enterprises with a 25-year loan of $ 576 million.
It is no coincidence that Buffett opted for Lee Enterprises - this company has been managing the BH Media Group since 2018; in addition, it owns 46 newspapers and more than 300 publications in 21 US states. "We have no interest in selling the group to anyone for another simple reason: we believe that Lee Enterprises are best prepared to cope with challenges in this area," Buffett quoted the agency as saying.
A native of Omaha, Nebraska, Warren Buffett in 2008 headed the list of the richest people on the planet according to Forbes magazine. This publication now estimates the businessman’s fortune at $ 89.9 billion - the third place by this indicator in the world and in the USA. For his phenomenal market flair and virtually unmistakable economic forecasts, the 88-year-old Buffett was nicknamed the Oracle of Omaha.