The American multi-billionaire Warren Buffett says goodbye to his newspaper possessions. The investment company Berkshire Hathaway of Buffett sells the BH Media business with, among other things, thirty newspapers to Lee Enterprises for an amount of 140 million dollars.
With the sale, Buffett acknowledges that he has had no success in breathing new life into the newspapers that are struggling with declining revenues from advertisements and shrinking print runs. One of the newspapers he owned was the Omaha World Herald from his home town of Omaha in the state of Nebraska. The sale by Buffett also includes weekly publications and other printed products.