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Posts Tagged ‘Berkshire Hathaway’

Emily Barr: Post-Newsweek Stations Not For Sale

Post-Newsweek_LogoEmily Barr, the president and CEO of the Post-Newsweek stations, is seeking to allay fears within the station group after the sale of WPLG, the ABC affiliate in Miami, was announced this morning. In a memo to staffers obtained by TVSpy, Barr writes:

Please know that the decision to trade WPLG, which has long been an important part of the fabric of Post-Newsweek, was not made lightly or without regard to the implications this has for our remaining five stations. We are a broadcast group that has long been the envy of many in our industry and we remain healthy and influential. Let me assure you we will continue to innovate, lead and evolve far into the future.

When you are asked (and you will undoubtedly be asked) if Post-Newsweek Stations is for sale, you can emphatically state we are not. Don has asked me to innovate and grow our existing stations, not prepare them for sale.

Read the full memo after the jump. Read more

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Aiming to Focus on TV, Media General Sells Newspapers to Berkshire Hathaway

Media General is selling off its struggling newspapers.

The company today announced a deal with Berkshire Hathaway for the purchase of all of its newspapers, with the exception of its Tampa group, which includes The Tampa Tribune, for $142 million in cash.  Media General is currently in discussions with other prospective buyers about its Tampa print assets.

Under a separate agreement, Berkshire Hathaway will provide Media General with a $400 million term loan, which will be used to pay off bank debt, and a $45 million revolving line of credit. Read more