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Berkshire Hathaway has scooped up Media General and now owns several local and regional newspapers.
Berkshire Hathaway is a multinational conglomerate holding company out of Omaha founded and owned by billionaire Warren Buffett. Buffett has always had a keen nose for companies and stocks. He's made billions over the years and now he seems to be focusing on small.
via the NY Times
“In towns and cities where there is a strong sense of community, there is no more important institution than the local paper[...]The many locales served by the newspapers we are acquiring fall firmly in this mold and we are delighted they have found a permanent home with Berkshire Hathaway."
Berkshire bought the stable of newspapers for $142 million in cash. The deal also includes "digital assets, including websites and mobile and tablet applications." Media General is keeping one newspaper property– The Tampa Tribune. The details are here.
What local and regional media is now owned by the "Oracle of Omaha"?
- Morning News (Florence)
- The Messenger (Hartsville)
- Lake City News & Post (Lake City)
- Marion Star & Mullins Enterprise
- The Weekly Observer (Hemingway)
Is this a sign that newspapers aren't dead or one that hyperlocal is the way to go? Lowcountry media pundit Dan Conover has an interesting theory on how most daily newspapers are doing it wrong. You can read his take here.