Warren Buffet, the third richest in the world, buys 89 newspapers – International News

The world’s third richest man, Warren Buffett of United States, has recently drew a lot of attention towards him on account of a wise move that he made on Thursday. Reportedly, he invested $142 million in the print media by purchasing 89 local newspapers.

Buffet is one of the world’s renowned business magnates, investors, and philanthropists. He is the chairman, Chief Executive Officer, and primary shareholder of American multinational conglomerate holding company, the Berkshire Hathaway.

Buffet made a deal with financially troubled Media General Inc. of Richmond, Virginia and bought the newspapers. According to the plan, the newspapers, in North Carolina, South Carolina Virginia, Alabama and Florida, would be combined with the Omaha World-Herald
Co. into a new Berkshire Hathaway Inc. division called BH Media Group. They would be managed by World Media Enterprises, a new sister company of The World-Herald.

He recently shared his views in the press release: “In towns and cities where there is a strong sense of community, there is no more important institution than the local paper. The many locales served by the newspapers we are acquiring fall firmly in this
mold, and we are delighted they have found a permanent home with Berkshire Hathaway.”

Buffett also said that the papers would need to focus as much as possible on local issues rather than try to compete on national ones. More interestingly, Buffett weighed in on the perennial issue of whether newspapers can give away their news online: “We
want your best thinking as we work out the blend of digital and print that will attract both the audience and the revenue we need.”

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Posted by Irfan Khokhar on May 28 2012. Filed under Entertainment. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry