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Warren Buffet says goodbye to his media empire: he sells it for $ 140 million

January 30, 2020

The transaction includes 49 weekly and 31 daily newspapers that belonged to the tycoon for more than 4 decades.

1 min read

Warren Buffet sold its media group BH Media for a value of 140 million dollars to the company Lee Entreprises, which obtained a loan from Buffet itself to acquire them and refinance its debt that currently reaches 400 million dollars.

Warren Buffet says goodbye to his media empire: he sells it for $ 140 millionWarren Buffet says goodbye to his media empire: he sells it for $ 140 million

The acquisition includes 49 weekly and 31 newspapers that belonged to the American tycoon for more than four decades. The news of the transaction shot Lee Entreprises shares on Wednesday at 67% placing them at $ 2.10, according to Bloomberg .

According to a statement, the agreement includes a loan from Berkshire Hathaway , a firm owned by Buffet, for a value of 576 million at an interest of 9% and a payable of 25 years.

Empresas Lee said it has been managing BH Media since July 2018 and that revenues in 2019 were $ 73.4 million. With this purchase the media conglomerate will own a total of 80 media.

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