Billionaire investor Warren Buffett announced plans Wednesday to sell his media operations including more than 30 US dailies, following a high-profile bet on newspapers eight years ago. Buffett, one of the world’s richest people known for his investing acumen, said he agreed to sell to Lee, which has been managing the operations of BH Media since 2018. Buffett invested more than $300 million in newspapers over the past decade, including his hometown Omaha World-Herald. “I believe newspapers that intensively cover their communities will have a good future,” Buffett said at the time of the investment. The deal does not include the real estate of the BH publications, but Lee will take a 10-year lease for BH properties, paying $8 million annually.

Source: The Guardian January 29, 2020 15:33 UTC