Billionaire Warren Buffett has entered into a new deal to purchase 63 newspapers nationwide for an astounding $142 million. Buffett is purchasing the papers from Media General, Inc who will relinquish ownership of majority of their properties, except for their Tampa, Florida holdings.
The Associated Press reports that this is Buffett’s biggest foray yet into the newspaper business. Buffett’s Berkshire Hathaway Inc. has owned the Buffalo News of New York for decades and recently bought its hometown paper, the Omaha World-Herald.
With the purchase of the 63 other newspapers, including the Richmond Times-Dispatch and the Winston-Salem Journal, Buffett’s newspaper ownership will grow drastically.
Buffett clearly continues to defend newspapers despite an uphill battle against up-to-the-minute online news sources. According to the AP, Buffett said that even though print newspapers face competition from the Internet, they will have a decent future if they continue delivering information that can't be found elsewhere and stop offering news free online.