Well now ... is this some smart strategy taking place by usually Dem supporter Warren Buffett to buy some newpaper companies in 4 red states??
[Only registered and activated users can see links. ]
Investor Warren Buffett to ‘rule’ 63 newspapers
By Tim Devaney / The Washington Times
Friday, May 18, 2012
Billionaire superinvestor Warren Buffett on Thursday placed another bet on the industry as his company, Berkshire Hathaway, announced the purchase of 63 newspapers from Richmond-based Media General for $142 million. The company will add daily and weekly newspapers in Alabama, Virginia, North Carolina and South Carolina to its existing papers at the Omaha World-Herald Co.
Among the larger newspapers included in the transfer are the Richmond Times-Dispatch and North Carolina’s Winston-Salem Journal. Small-town community papers in the package include the Goochland Gazette in Virginia.
In a separate deal, Mr. Buffett’s company will provide about $445 million in loans and a credit line to Media General, getting in return warrants that could give Berkshire Hathaway a 20 percent interest in the company. Media General’s stock jumped by a third in trading Thursday, closing up $1.04 to $4.18.
Traditional newspapers have been hammered in the new online-dominated media market, and Mr. Buffett has warned in the past about the industry’s woes. A huge challenge has been the migration of advertising dollars -- from classifieds to car ads -- once claimed by local newspapers to online rivals.
But the Omaha-based investor also has made his fortune in large part on a number of contrarian bets in undervalued industries and has spoken often of his abiding affection for newsprint. Among Berkshire Hathaway’s current media holdings is a minority stake in The Washington Post Co., where Mr. Buffett once served on the board of directors.
I Bring a Backbone of FirePower for Potential Peace ~ Scout****************************************************************************
**The Joke is On Us True Progressives**
6/12 - Romney's record at Bain "Sterling"~ praised Bill Clinton
From 'the President's Club':
*After Nixon died, Clinton compared the death with the loss of his mother
*Clinton came to rely on Nixon’s advice
*Nixon ingratiated himself with so many of his successors, particularly Mr. Clinton.
*George H.W. Bush’s ... relationship with Bill Clinton has grown so close
*Clinton is now referred to in the Bush family as the “Brother From Another Mother”
*Mr. Clinton / George W. Bush, who have become unexpectedly close and also worked on joint endeavors
Posting Permissions
Reply With Quote
Bookmarks