Warren Buffett is selling his newspapers for $140 million — a fraction of what they cost him
Warren Buffett is selling his newspaper business for $140 million to Lee Enterprises.Buffett bought 28 of the papers for $344 million in the early 2010s.Visit Business Insider's homepage for more storiesWarren Buffett is selling his newspaper business for $140 million — a fraction of the $344 million he spent acquiring 28 daily papers less than a decade ago.
"We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry's challenges," Buffett saidHe added that he and his investment partner, Charlie Munger, have "known and admired the Lee Organization for over 40 years" and the publisher had managed Berkshire's papers exceptionally well.
The deal expands Lee's portfolio from 50 daily papers to 81 and nearly doubles its audience. Lee expects the acquisition to boost its revenues by 87% and its adjusted profits by 40%. It anticipates annual revenue and cost synergies of $20 million to $25 million.Buffett bought the Buffalo News for about $36 million in 1977, and added another 28 daily papers to Berkshire's stable in the early 2010s.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Millennials' favorite stocks include Apple, Tesla, and Warren Buffett's Berkshire Hathaway - Business InsiderApex Clearing analyzed more than 734,000 investor accounts and found Amazon, Disney, and Netflix are also top picks.
Read more »
Elizabeth Warren releases plan to prevent and contain infectious diseases amid coronavirus outbreakDemocratic presidential contender Elizabeth Warren's plan came as authorities across the globe race to address the new coronavirus.
Read more »
'Women win': Warren takes on gender in final stretch before Iowa caucusesLess than a week from the Iowa caucuses, Elizabeth Warren is leaning in on the gender question.
Read more »
Poll: Warren fares better against Biden than SandersWarren allies are seizing on the new poll as evidence that she is the best-equipped progressive to take on Joe Biden in a one-on-one primary
Read more »
The New York Times Editorial Board Unconventionally Endorsed Both Elizabeth Warren and Amy KlobucharThe New York Times Editorial Board Endorsed Both Elizabeth Warren and Amy Klobuchar
Read more »
Millennials' favorite stocks include Apple, Tesla, and Warren Buffett's Berkshire Hathaway - Business InsiderApex Clearing analyzed more than 734,000 investor accounts and found Amazon, Disney, and Netflix are also top picks.
Read more »