Davenport, Iowa-based Lee Enterprises already owns outlets such as the St.
The deal will include local news organizations such as the Omaha World-Herald in Nebraska and the Tulsa World in Oklahoma. Lee said the acquisition will have an immediate boost to profitability and will cut its leverage ratio - a measure of a business’s debt as part of its total capital - before any cost and revenue synergies. “We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry’s challenges,” he added. They have delivered exceptional performance managing BH Media’s newspapers and continue to outpace the industry in digital market share and revenue.” In a statement released with Lee’s announcement, Buffett said: “My partner Charlie Munger and I have known and admired the Lee organization for over 40 years. Lee said the purchase of Berkshire’s newspaper assets will “add significant size and scale” to its operations, lift its portfolio of daily newspapers to 81 from 50 and nearly double its audience. The deal includes Berkshire Hathaway Media Group and The Buffalo News, a paper covering western New York and owned as a separate entity by Berkshire. Warren Buffett’s Berkshire Hathaway is leaving the newspaper business and selling its operations to publisher Lee Enterprises for $140 million in cash. Like us on our CNBC Awaaz Facebook page: ĬNBC's Brian Sullivan, Kate Rogers, Dominic Chu and Contessa Brewer discuss Berkshire Hathaway's sale of its newspaper business. Subscribe to the CNBC Awaaz YouTube channel here: Our programming gives consumers a platform to make decisions with confidence. Policymakers and business owners alike have grown to trust CNBC Awaaz as the most reliable source with its eye on India’s business climate. Our channel aims to educate, inform and inspire consumers to go beyond limitations, with practical tips on personal finance, investing, technology, consumer goods and capital markets. #CNBCAwaaz #CNBCAwaazLive #AajKaTajaKhabar #BusinessNewsLive #StockMarketLive #ShareMarketLive How Hedge Funds Took Over America's Struggling Newspaper Industry Experience special sneak peeks of your favorite shows, exclusive video and more.
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It was kind of this dilemma that I'm sure a lot of news organizations faced."Ībout CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered.
"So at the same time that revenue was falling, readers were spiking. "As far as readers, we saw that skyrocket during the pandemic," Emma Way, editor at Axios Charlotte, told CNBC. In fact, hedge funds and other financial firms control half of the daily newspapers in the United States, according to a recent analysis by the Financial Times. Today, some of the largest newspaper groups in the country -such as Tribune, McClatchy and Media News Group - are owned, controlled by or in debt to hedge funds or private equity groups. Then, the digital advertising market quickly became dominated by tech companies like Google and Facebook. Newspapers have struggled to make money with the collapse of print advertising as readership moved online. Often, these papers are shut with little notice.īut the problem existed long before the pandemic. This includes newspapers that have served their communities for decades. It was a catastrophic and uncertain time for American newsrooms.ĭuring the pandemic, more than 70 local newsrooms closed across the country. It was kind of this dilemma that I’m sure a lot of news organizations faced.” “So at the same time that revenue was falling, readers were spiking. “As far as readers, we saw that skyrocket during the pandemic,” Emma Way, editor at Axios Charlotte, told CNBC. As Covid-19 ran rampant across the United States in 2020, local newsrooms across the country cut back-even as they covered the biggest story in decades.
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