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The end of a long romance — Warren Buffett and his BH Media sell off their newspaper holdings
Lifelong newspaper lover Warren Buffett completed his exit from the business today selling the 30 dailies of his BH Media Group and The Buffalo News to Lee Enterprises for $140 million.
No surprise.
Buffett told a shareholder at one of his annual meetings several years ago that he had soured on the industry. Print advertising and circulation had deteriorated much faster than he had expected, he said, from when he put together the group in 2011 and 2012.
Soon after, he dismissed BH’s CEO and contracted with Lee to manage the papers in July 2018.
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That appeared, and indeed turned out to be, the bridge to a sale.
It would be conjecture to predict what Lee, a publicly traded chain with 50 other dailies, will do now with the properties beyond saving on operations by consolidating.
My guess would be some newsroom cuts but not necessarily deep ones. Both companies have run lean.
For Buffett, t