OMAHA, NE — Warren Buffett is getting out of the newspaper business.
BH Media, which owns the Omaha World-Herald and several other daily newspapers in Nebraska, is selling all its newspaper holdings to Lee Enterprises. The Davenport, Iowa based Lee has been running the World-Herald for BH Media since 2018.
A total of 30 daily newspaper and other weekly publications is being sold for $140 million. In addition, Berkshire Hathaway is loaning Lee another $400 million to service Lee's debt.
In an article in the World-Herald, the paper pointed out this will be the first time in the newspaper's 135-year history that it will not be locally owned.
Despite that, Prof. Jeremy Lipschultz of UNO's School of Communication, told 3 News Now the sale is a good move. He says Lee was the only company Berkshire Hathaway would have considered selling to, and that the takeover is good for Berkshire Hathaway, Lee and the World-Herald.
