Buffett says his firm likely to buy newspapers - 13 WTHR Indianapolis

Buffett says his firm likely to buy newspapers

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OMAHA -

Warren Buffett says his company is likely to buy more newspapers in the next few years, and Berkshire Hathaway will not try to influence the editorial policies of any of them.

Buffett wrote a memo this week to the editors and publishers of all of Berkshire's daily newspapers. That group is about to grow to include 26 daily newspapers because Berkshire announced last week that it plans to buy 63 newspapers from Media General Inc. for $142 million.

The letter was posted online Thursday by the Omaha World-Herald, which is a Berkshire newspaper. Buffett's memo mostly reiterated things he has said about newspapers before, but it appears that he wanted to put them in writing for the company's editors before the Media General deal is completed. That deal is expected to close in late June.

Buffett said Berkshire will look to buy small to mid-sized newspapers that cover their communities well.

Buffett said the newspapers it is buying from Media General, which include the Richmond Times-Dispatch in Virginia and the Winston-Salem Journal in North Carolina, have been successful on both the business and journalistic fronts. He said that's also true of the newspapers Berkshire Hathaway already owns in the Omaha World-Herald Co. and the Buffalo News.

(Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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