Warren Buffet is buying up more newspapers. Since he leans socialist and is a big Obama supporter, I’m not expecting them to be beacons of the free press.
Billionaire Warren Buffett’s company is buying 63 newspapers from Media General Inc. for $142 million.
Buffet, who is so concerned about us little people, also wants newspapers to stop offering free news online – of course he does.
HuffPo:…Berkshire Hathaway Inc. is also extending a loan to Media General and taking a 19.9 percent stake in the company, which will still own 18 TV stations. Media General also owns some websites, such as coupon provider DealTaker.com.
Media General on Thursday said the deal includes all of its newspapers except the Tampa Tribune of Florida and smaller newspapers in that market. It’s in talks to sell those newspapers to other buyers.
Berkshire Hathaway is buying the Richmond Times-Dispatch in Virginia, the Winston-Salem Journal in North Carolina and the Morning News of Florence, S.C., among others.
Berkshire Hathaway has owned the Buffalo News of New York for decades and bought its hometown paper, the Omaha World-Herald, in December. The company is also the largest shareholder of Washington Post Co., with a 23 percent stake.
Buffett has defended newspapers, saying that they will have a decent future if they continue delivering information that can’t be found elsewhere. They also need to stop offering news free online, he has said….