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Thursday, May 17, 2012

Richmond Times Dispatch Bought By Warren Buffet's Berkshire Hathaway Subsidiary

The Richmond Times Dispatch (RTD) reports that all but one of Media General's newspapers have been sold to a subsidiary of Berkshire Hathaway, BH Media Group.  Media General is the holding company for the RTD.
The newspapers being purchased by BH Media Group include 63 dailies and weekly titles in Virginia, North Carolina, South Carolina and Alabama, in addition to digital assets, including websites and mobile and tablet applications. The newspapers also have a substantial commercial printing business.
“In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” said Warren Buffett, chairman of Berkshire Hathaway. “The many locales served by the newspapers we are acquiring fall firmly in this mold and we are delighted they have found a permanent home with Berkshire Hathaway.”
It will be interesting to see what the change in ownership means for the direction of the local newspaper in the future.
The RTD is considered conservative compared to other newspapers in Virginia.  The editorial page has long been opposed to the various gun ban schemes put forward by the gun ban lobby and their supporters in the General Assembly.

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