Warren Buffett’s Berkshire Hathaway Inc. will expand its media holdings by acquiring the Omaha World-Herald Co., publisher of the billionaire’s hometown newspaper.
The World-Herald reported the price as $150 million plus assumption of debt. The deal would give Berkshire control of the World-Herald, six other daily newspapers and several weekly newspapers across Nebraska and southwest Iowa, according to a company statement today. Sellers include employee shareholders and the Peter Kiewit Foundation.
Buffett told employees today that newspapers “have a decent future,” according to the World-Herald’s account. “It won’t be like the past. But there are still a lot of things newspapers can do better than any other media.” As for the cost, Buffett said, “it’s not a crazy price. It certainly is not a bargain.”