BUFFALO, N.Y. (WKBW) — Western New York's major newspaper has been sold.
The Buffalo News has been sold to Lee Enterprises, after being with Berkshire Hathaway since 1977.
According to a release, the Buffalo News and BH Media Group's newspaper operations have been sold in a deal worth $140 million.
Berkshire Hathaway's owner Warren Buffett said, "my partner Charlie Munger and I have known and admired the Lee organization for over 40 years,” Buffett said in a statement this morning. “They have delivered exceptional performance managing BH Media’s newspapers and continue to outpace the industry in digital market share and revenue. We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry’s challenges. No organization is more committed to serving the vital role of high-quality local news, however delivered, as Lee. I am confident that our newspapers will be in the right hands going forward and I also am pleased to be deepening our long-term relationship with Lee through the financing agreement.”
Lee Enterprises declined to comment on what the takeover means for current employees, and the cost of the paper's subscription.