Berkshire Hathaway backing newspapers
Berkshire Hathaway agreed to pay $142 million for Media General’s newspapers including the Richmond Times-Dispatch as Warren Buffett bets community-focused publications will weather an advertising slump.
Berkshire will also provide Media General a $400 million term loan with an interest rate of 10.5 percent, the Richmond, Va.-based newspaper company said Thursday.
Berkshire is expanding in newspapers after purchasing Buffett’s hometown paper, the Omaha World-Herald, last year.
