State News

Buffett's Firm Buys Roanoke Times Newspaper

by AP posted May 30 2013 11:01AM
     OMAHA, Neb. (AP) - Warren Buffett's Berkshire Hathaway is adding The Roanoke, Va., Times to its growing group of small and medium-sized newspapers.
     Berkshire announced Thursday it was acquiring The Times from Landmark Media Enterprises. It will be Berkshire's 30th daily newspaper.
     Financial terms were not disclosed. Berkshire says The Roanoke Times has daily circulation of 76,000 and Sunday circulation of 90,000. 
     Buffett told shareholders earlier this month that Berkshire should earn decent returns of about 10 percent on the newspapers because it is buying them at such cheap prices. 
     But he says newspaper earnings will keep declining, and the newspapers won't make much difference to Berkshire overall profits because they are relatively small compared to the conglomerate.
Filed Under :
Location : NebraskaOmahaThe RoanokeVirginia
People : Warren Buffett
05/30/2013 11:01AM
Buffett's Firm Buys Roanoke Times Newspaper
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