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Posts Tagged ‘Warren Buffett’

Warren Buffett’s Berkshire Hathaway to Acquire WPLG From Graham Holdings

WPLG_Local_10_ABCWarren Buffett is adding a television station to Berkshire Hathaway’s media portfolio: the company will acquire WPLG, the ABC affiliate in Miami, from Graham Holdings Co.’s Post-Newsweek station group.

In addition to WPLG, the deal includes Berkshire shares currently held by Graham Holdings Co. and cash. The amounts of both will be determined on the closing date, Berkshire Hathaway says.

“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. “We thank our longtime  colleagues at WPLG for their enormous contributions and congratulate them on the opportunity to join one of the greatest companies in America.”

WPLG is one of the Post-Newsweek Stations named for the Graham family, which has controlled the company since 1933: the call letters for WPLG in Miami are for Philip Leslie Graham, Donald Graham’s father and the former publisher and and co-owner of The Washington Post.

In 2008, Post-Newsweek reached a deal to acquire WTVJ in Miami from NBCUniversal. The deal was later called off due to a “delay in receiving the necessary regulatory approval.”

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Media General Sells Tampa Tribune

Media General is now out of the newspaper business, having closed a deal this morning to sell the Tampa Tribune to a Los Angeles-based private equity group. Media General will keep ownership of NBC affiliate WFLA but the newspaper will be moving out of the “News Center” facility completed in 2000 to house the newspaper, TV station and digital properties.

While WFLA employees will remain at 200 S. Parker St., (at left in picture) Tribune employees will move to their old headquarters at 202 S. Parker (at right). Both entities will continue their news partnership. In fact, staffers from each will likely attend daily news meetings.

The buyer, Revolution Capital Group, paid $9.5 million for the Tribune.

In May, Warren Buffett‘s Berkshire Hathaway group bought 63 Media General newspapers for $142 million.

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