Lee Enterprises announced today (1/29) it would acquire Warren Buffett's Berkshire Hathaway newspaper group for $140 million with the help of a $576-million loan from Berkshire Hathaway.
Berkshire Hathaway's newspaper group, BH Media, operates 31 daily newspapers and their online news sites, and Lee has managed those properties since July 2018.
The Berkshire Hathaway loan will not only pay for Lee's acquisition of BH Media, but refinance Lee's existing $435 million debt and provide sufficient cash to terminate Lee's existing revolving credit line.