According to WSJ.com, Billionaire investor Warren Buffett is exiting the newspaper business. In a $140 million cash transaction, his company Berkshire Hathaway is selling its newspaper unit, BH Media, which includes 30 dailies, to Lee Enterprises. Lee, the owner of papers such as the St. Louis Post-Dispatch, has run Berkshire’s papers since 2018. Buffett famously declared last year that newspapers are “going to disappear.” Lee borrowed money from Berkshire to complete the purchase.
