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Posts Tagged ‘Warren Buffett’

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Berkshire to Buy TV Station From Graham in $1.1 Billion Swap (Bloomberg Businessweek)
Berkshire Hathaway Inc. reached a deal to acquire a Miami television station and some of the company’s own shares in a $1.1 billion swap for Graham Holdings Co. stock that Warren Buffett held for more than four decades. Deadline New York Buffett’s stake accounted for about 23 percent of the voting shares in Graham as of the last proxy, out early last year. He will receive the ABC affiliate plus an unspecified amount of cash and shares that Graham owns in Berkshire Hathaway. Variety The pact marks a turning point for Berkshire and the Graham Holdings, the publicly held firm that changed its name from the Washington Post Co. after it sold its flagship newspaper to Amazon mogul Jeff Bezos last year. Berkshire had been an investor in Washington Post Co. since the 1970s, with Buffett having served as a board member of the publishing and TV station conglomerate. Poynter / MediaWire Berkshire Hathaway purchased most of Media General’s newspapers in 2012, and it’s added lots of newspapers since. Reuters reported in February that Berkshire Hathaway was in talks with Graham Holdings “to trade the shares it owns in the education and media company for control of a yet-to-be-formed unit of Graham.” Graham Holdings still owns TV stations in Detroit and Houston. NYT / DealBook Buffett has embarked on a late-in-life run as a media mogul of sorts, assembling a prospering portfolio that includes his hometown newspaper, The Omaha World-Herald. The deal will bring Berkshire its first television station, whose call sign refers to Philip L. Graham, Katharine Graham’s husband and her predecessor as the publisher of the Post. Perhaps most notably, however, the deal sharply curtails Buffett’s business ties to the Graham family. TVSpy “Warren Buffett’s 40-year association with our company has been extremely good for our shareholders. Naturally, the deal that we have put together is one that will be good for both companies,” said Donald E. Graham, chairman and CEO of Graham Holdings.

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Bill Gates Tops Forbes’ ‘Richest People on The Planet’ List

bill-gates-speaks-out-about-windows-8-video-bc90b4f0b8Bill Gates is back on top. Forbes has named the 58-year-old Microsoft founder the richest person on the planet, a spot he had lost to Carlos Slim for the past four years.

Gates is now worth $76 billion. He’s followed closely by Slim, worth $72 billion. Rounding out the top five Richest People on the Planet list are Amancio Ortega ($64 billion), Warren Buffett ($58 b) and Larry Ellison ($48 b).

Below are some other highlights from the Forbes list. Click here for the entire thing. But only do so if you enjoy being jealous.

  • 172 women made the list, the most ever
  • David Thomson, chairman of Reuters, is the richest media person. He’s worth $22 billion. Michael Bloomberg is ranked 16 overall, worth $33 billion. Rupert Murdoch is ranked 78 overall, worth $13 billion.
  • Mark Zuckerberg was the year’s biggest gainer. His net worth jumped from $15 billion to $28 billion.

Fortune Names Elon Musk Businessperson of The Year

Have you ever won an award? Of course you have. Everyone has, because there are awards for every possible thing you can imagine. The amount of awards completely robs them of their meaning, but it doesn’t matter — everyone likes getting awards/honors, so organizations and companies keep giving them out. Therefore, we imagine Elon Musk is slightly excited about being named Fortune’s 2013 Businessperson of The Year.

Musk, as you probably know, is the guy behind Tesla Motors and SpaceX. He definitely deserves the honor. Cool looking cars and space tourism are important. We think.

Anyway, you can read Fortune’s take on Musk here. Below is the full list of people considered for Businessperson of the Year.

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Warren Buffett Didn’t Buy Washington Post Because He’s Considerate

Warren Buffett and his company — Berkshire Hathaway — have purchased plenty of newspapers over the past few years. And given that Buffett was once a paper boy for The Washington Post, many thought he might scoop it up, instead of Jeff Bezos. But Buffett passed on the paper.

He told Fortune that he didn’t buy WaPo because he knew no one else would want that dead weight dragging them down:

True, the company he heads, Berkshire Hathaway, was the largest shareholder of Washington Post Co; an owner of other newspapers: and a sort of natural buyer for the Post. But Buffett said that for him to have bought it for Berkshire would have saddled the next CEO (whoever that might be, taking office at an unknown date) with a metro newspaper that he or she possibly wouldn’t want. And to buy it personally, he added, would have at his death burdened his three children — Susie, Howard, and Peter Buffett — with the same kind of complex considerations.

Now wasn’t that nice of him?

WEHOville.com Looking to Kickstart Weekly Print Edition

When we spoke last fall with WEHOville.com founder-publisher Henry Scott, he outlined his intention to follow the 2012 website with a companion print publication in 2013. That time has now officially arrived – with a twist.

Scott confirmed this morning that a free weekly print edition of WEHOville is planned for late summer, publishing every Thursday. He estimates that he will need three months to break even and is hoping local news consumers will help fund the expansion to the tune of $35,000 on Kickstarter:

Why print, you ask? Because many people still prefer to get their news that way. So we will reach a bigger audience with both print and online editions. In West Hollywood, with our embarrassingly small voter turnout, we need to engage as many residents as possible in the discussion of important civic issues.

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Warren Buffett Joins Twitter, Enjoys 90s Slang

Warren Buffett, the savior of small newspapers, has joined Twitter. His first tweet:

Fantastic. Buffett is truly all that and a bag of chips.

Oh, and here’s a video of him sending that tweet (sent during a Fortune interview) if you’re into that kind of wacky fun.

Jeff Bercovici Tries to Answer Billion-Dollar LAT Question

In the wake of this weekend’s highly shared New York Times piece about the Koch brothers’ interest in Tribune Co. newspapers, Forbes blogger Jeff Bercovici handicaps the overall billionaire odds. Because the Kochs have an alleged interest in the entire Tribune Co. print slate, he places them at the top of the list as an even-money bet.

Less convincing is Bercovici’s stubborn inclusion of David Geffen at 20:1. It seems pretty clear that the one-time suitor has lost all interest in the LA Times, but let the record show that if Geffen does indeed reveal he was putting forth a poker face, Bercovici wasn’t fooled.

At the bottom of Bercovici’s list is Warren Buffett:

Odds he’ll get it: 50:1. The Times just doesn’t fit the profile at all of the type of newspaper Buffett’s been buying. He’s looking to roll up papers in small, semi-isolated cities and towns that have a quasi-monopoly on local news. It would be shocking if he didn’t sit this one out.

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Variety Follows Renner with McRaney

Three weeks into PMC’s relaunch of Variety, two articles of note have involved actors from opposite ends of the film-TV spectrum.

For Issue No. 1 (April 2), Steve Challogan visited a massive $25 million residential property in Holmby Hills flip-renovated by Jeremy Renner and business partner Kristoffer Winters. Actually, make that just Winters. It’s only at the very end of the piece that readers are clearly told that “Renner, it should be noted, doesn’t have a financial stake in this property, but was present during the remodeling when he wasn’t busy shooting the latest Bourne movie.” Nevertheless, the piece is a great glimpse past the usually forbidding hedges of westside mega-manses.

In this week’s April 16 issue, TV critic Brian Lowry takes stock of the resurgent guest star careers of familiar faces like former Simon & Simon star Gerald McRaney:

McRaney describes himself as “sort of a gypsy at heart” who is having the time of his life flitting from playing a Warren Buffett-like billionaire to a drunken ex-cop to a seedy criminal. When asked about down time between roles, he says, “I consider anything after two weeks not to be a vacation, but unemployment.”

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Michael Bloomberg is Worth $27 Billion

According to Forbes’ latest billionaire list, Michael Bloomberg — mayor, media maven, soda hater — is worth $27 billion. That’s an increase from 2012, when he was worth a pathetic $22 billion.

Despite all that money, Bloomberg only ranks as the 13th wealthiest person in the world. The number one spot is held down by Carlos Slim and family, with $73 billion. He is followed by Bill Gates ($67 billion), Amancio Ortega ($57), and Warren Buffett ($53.5).

For the full list of people with way more money than all of us combined, click through. Ladies, we suggest you don’t even bother. Out of the 1,426 total people on the list, only 138 of them are women.

Pretty Much Everyone is Rumored to Buy The Boston Globe

Ever since the New York Times Company announced that it was selling the Boston Globe, people have been speculating about who/what will purchase the paper.

Because the media is nothing but precise, that list has now been narrowed down to about 834 potential buyers. Below are all the ones we found mentioned, but we’ve surely missed one or 500.

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