Warren Buffett's Berkshire Hathaway Inc agreed to sell its newspaper busine...
) for $140 million in cash, abandoning an industry the billionaire investor had long defended even as its financial prospects deteriorated.
Lee owns 50 daily newspapers including the St. Louis Post-Dispatch, and has since July 2018 managed Berkshire’s papers other than the Buffalo News, which Berkshire bought in 1977. Berkshire has more than 90 operating businesses such as the BNSF railroad and Geico auto insurer, and bought most of its newspapers in the last decade.
He told Yahoo Finance last April that the industry was “toast,” and told Berkshire shareholders in May 2018 that only the Wall Street Journal, the New York Times and perhaps the Washington Post had digital models strong enough to offset declining print circulation and ad revenue.
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