Warren Buffett is spending $142m on 63 US newspapers, six months after Berkshire Hathawayspent $200m on the group that publishes the Omaha World Herald, his local newspaper.
The billionaire former paper boy is buying most of the titles of Media General, a Virginia group that also owns 18 television stations and is negotiating separately to sell its Tampa Tribune titles.
Media General’s newspapers generated cash flow of $28m last year. The 63 titles range from the Richmond Times-Dispatch, with an average of 164,000 Sunday readers last year, to The Culpeper Star-Exponent, with just 6,000.
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