{"id":7764,"date":"2020-01-29T10:29:26","date_gmt":"2020-01-29T16:29:26","guid":{"rendered":"https:\/\/www.zmetro.com\/?p=7764"},"modified":"2020-01-30T08:21:33","modified_gmt":"2020-01-30T14:21:33","slug":"the-state-of-local-legacy-newspapers-2020-buffett-sells-his-newspapers-to-lee-enterprises","status":"publish","type":"post","link":"https:\/\/www.zmetro.com\/?p=7764","title":{"rendered":"The State of Local, Legacy Newspapers 2020: Buffett sells his newspapers to Lee Enterprises"},"content":{"rendered":"<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-01-29\/warren-buffett-throws-in-the-towel-on-his-newspaper-empire\">Katherine Chiglinsky and John J Edwards III:<\/a><\/p>\n<blockquote><p>Warren Buffett is getting out of the newspaper business.<\/p>\n<\/blockquote>\n<div class=\"body-copy-v2 fence-body\" style=\"margin: 0px; padding: 0px; border: 0px; font-variant-ligatures: inherit; font-variant-position: inherit; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-weight: normal; font-stretch: inherit; font-size: 18px; line-height: 1.56; font-family: PublicoText-Roman-Web, Georgia, Cambria,\" times new roman serif vertical-align: baseline color: rgb font-style: normal letter-spacing: orphans: auto text-align: start text-indent: text-transform: none white-space: widows: word-spacing: rgba text-decoration:>\n<blockquote><p><a href=\"https:\/\/www.bloomberg.com\/quote\/BRK%7CA:US\" itemprop=\"StoryLink\" itemscope title=\"Company Overview\" style=\"background-color: transparent; text-decoration-skip: objects; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-bottom-style: dotted; border-bottom-color: rgb(0, 0, 0); font-variant-ligatures: inherit; font-variant-position: inherit; font-variant-caps: inherit; font-variant-numeric: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-weight: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: inherit; vertical-align: baseline; word-wrap: break-word; overflow-wrap: break-word; color: rgb(0, 0, 0); text-decoration: none\">Berkshire Hathaway Inc.<\/a><span class=\"Apple-converted-space\">&nbsp;<\/span>agreed to sell its BH Media unit and its 30 daily newspapers to<span class=\"Apple-converted-space\">&nbsp;<\/span><a href=\"https:\/\/www.bloomberg.com\/quote\/LEE:US\" itemprop=\"StoryLink\" itemscope title=\"Company Overview\" style=\"background-color: transparent; text-decoration-skip: objects; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-bottom-style: dotted; border-bottom-color: rgb(0, 0, 0); font-variant-ligatures: inherit; font-variant-position: inherit; font-variant-caps: inherit; font-variant-numeric: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-weight: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: inherit; vertical-align: baseline; word-wrap: break-word; overflow-wrap: break-word; color: rgb(0, 0, 0); text-decoration: none\">Lee Enterprises Inc.<\/a>, which owns papers including the St. Louis Post-Dispatch, for<span class=\"Apple-converted-space\">&nbsp;<\/span><span class=\"\" data-value=\"140000000\" data-original=\"$140 million\" data-symbol=\"$\" style=\"margin: 0px; padding: 0px; border: 0px; font-variant-ligatures: inherit; font-variant-position: inherit; font-variant-caps: inherit; font-variant-numeric: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-weight: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: inherit; vertical-align: baseline\">$140 million<\/span><span class=\"Apple-converted-space\">&nbsp;<\/span>in cash. Lee has been<span class=\"Apple-converted-space\">&nbsp;<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-08-03\/warren-buffett-doesn-t-know-how-to-revive-newspapers\" itemprop=\"StoryLink\" itemscope title=\"The Oracle of Omaha Doesn\u2019t Know How to Revive Newspapers\" target=\"_blank\" style=\"background-color: transparent; text-decoration-skip: objects; margin: 0px; padding: 0px; border-width: 0px 0px 1px; border-bottom-style: dotted; border-bottom-color: rgb(0, 0, 0); font-variant-ligatures: inherit; font-variant-position: inherit; font-variant-caps: inherit; font-variant-numeric: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-weight: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: inherit; vertical-align: baseline; word-wrap: break-word; overflow-wrap: break-word; color: rgb(0, 0, 0); text-decoration: none\">managing<\/a><span class=\"Apple-converted-space\">&nbsp;<\/span>the papers for Buffett\u2019s company since 2018, and Berkshire is loaning Lee the money for the purchase.<\/p>\n<\/blockquote>\n<\/div>\n<p>More, <a href=\"https:\/\/madison.com\/wsj\/business\/lee-enterprises-makes-m-deal-to-buy-berkshire-papers-as\/article_7e3bb569-2ab6-528f-862f-d5465019646b.html\">here<\/a>.<\/p>\n<p>Related: the <a href=\"http:\/\/www.zmetro.com\/?p=7542\">state of local journalism, 2018.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Katherine Chiglinsky and John J Edwards III: Warren Buffett is getting out of the newspaper business. Berkshire Hathaway Inc.&nbsp;agreed to sell its BH Media unit and its 30 daily newspapers to&nbsp;Lee Enterprises Inc., which owns papers including the St. Louis Post-Dispatch, for&nbsp;$140 million&nbsp;in cash. Lee has been&nbsp;managing&nbsp;the papers for Buffett\u2019s company since 2018, and Berkshire [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/7764"}],"collection":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7764"}],"version-history":[{"count":3,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/7764\/revisions"}],"predecessor-version":[{"id":7767,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/7764\/revisions\/7767"}],"wp:attachment":[{"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}