OMAHA, Neb. (AP) — Warren Buffett's company completed its acquisition of 63 Media General newspapers on Monday.
The $142 million purchase announced last month gives Berkshire Hathaway Inc. ownership of the Richmond Times-Dispatch in Virginia, the Winston-Salem Journal in North Carolina, the Morning News of Florence, S.C., and other papers.
Berkshire also lent Media General $445 million to pay off debt as part of this deal. In return, Berkshire is getting the 19.9 percent stake in Media General and a seat on the board.
Since announcing the Media General deal, Berkshire announced plans to acquire two small Texas newspapers and disclosed owning 3 percent of Lee Enterprises stock.
Buffett has said Berkshire may continue buying small and medium-sized newspapers in strong communities because he believes they have a decent future.