Warren Buffett eyes more newspapers: report

Thu May 24, 2012 2:53pm EDT
 
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(Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N: Quote) is eyeing more newspapers, according to a memo posted on Jim Romenesko's media website. tinyurl.com/7odreje

The Oracle of Omaha wrote in a memo to Berkshire Hathaway's publishers and editors that "Berkshire will probably purchase more papers in the next few years," according to the website.

Buffett's company announced on May 17 that it would buy the majority of Media General Inc's MEG.N papers for $142 million in cash and that it would form a new subsidiary called BH Media Group.

In the memo, Buffett said, "we will favor towns and cities with a strong sense of community, comparable to the 26 in which we will soon operate."

Buffett reassured editors and publishers he would not push any political agenda: "I have some strong political views, but Berkshire owns the paper — I don't. And Berkshire will always be non-political."

A call to a Berkshire Hathaway representative was not immediately returned.

Buffett's love of newspapers is well-known though he is choosy about where he sends his affections. He favors small and medium-sized newspapers in thriving towns rather than big city metros.

Indeed, Berkshire snapped up 63 daily and weekly newspapers of Media General but left behind the troubled Tampa Tribune and its related properties.

"I believe newspapers that intensively cover their communities will have a good future," he wrote in the memo.   Continued...

 
Warren Buffett tours the trade show floor during the Berkshire Hathaway Annual shareholders meeting in Omaha, May 5, 2012. REUTERS/Lane Hickenbottom