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Lee Enterprises makes $140M deal to engage Berkshire newspapers


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Lee Enterprises makes $140M deal to engage Berkshire newspapers

Lee Enterprises is buying Berkshire Hathaway’s BH Media Group publications and The Buffalo News for $140 millionJanuary 29, 2020, 1:47 PM2 min readDAVENPORT, Iowa — Lee Enterprises will buy Berkshire Hathaway’s BH Media Group publications and The Buffalo News for $140 million, the company said Wednesday. The deal covers 30 daily newspapers in 10 states…

Lee Enterprises makes $140M deal to engage Berkshire newspapers

Lee Enterprises is buying Berkshire Hathaway’s BH Media Community publications and The Buffalo News for $140 million

January 29, 2020, 1: 47 PM

2 min learn

DAVENPORT, Iowa —
Lee Enterprises will lift Berkshire Hathaway’s BH Media Community publications and The Buffalo News for $140 million, the firm said Wednesday.

The deal covers 30 everyday newspapers in 10 states as well to 49 paid weekly publications with digital web sites and 32 other print products. Among the many everyday papers are the Omaha World-Herald in Nebraska, the Tulsa World in Oklahoma and the Winston-Salem Journal in North Carolina. As piece of the agreement, Lee will enter into a 10-twelve months rent for BH Media’s exact estate.

Lee has been managing the BH Media publications since July 2018.

“It is a compelling and transformative transaction for Lee,” said Mary Junck, Lee’s chairman. “It both refinances our lengthy-term debt on fine phrases and presents new income opportunities as well to operational synergies across an expanded portfolio.”

Warren Buffett, Berkshire’s chairman and CEO, said he and his associate, Charlie Munger, have lengthy admired Lee.

“We had zero passion in promoting the neighborhood to anybody else for one easy motive: We explain that Lee is most moving positioned to manipulate thru the switch’s challenges,” Buffett said.

Berkshire Hathaway is providing about $576 million in lengthy-term, 9% financing to Lee, which Lee will use to pay for the Berkshire properties and refinance Lee’s roughly $400 million in present debt. Berkshire shall be Lee’s sole lender after the deal closes.

Lee’s portfolio will grow to 81 everyday papers merely about double its viewers size, the firm said. The deal is anticipated to shut in mid-March.


ABC News


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