The papers involved in the deal — which is expected to close June 25 — are published in Virginia, North Carolina, South Carolina and Alabama. The acquisition also includes all of the papers’ digital brands and tablet apps. The only property not being sold to Berkshire Hathaway is Media General’s Tampa group.

In a statement, Buffett once again trumpeted the power of newspapers. ”In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” he explained. “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.”

Since we’re big newspaper fans, we might just send Buffett a thank you note.

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