Warren Buffett is getting out of the newspaper business. Lee has been managing the papers for Buffett’s company since 2018, and Berkshire is loaning Lee the money for the purchase. That same year, U.S. newspaper circulation dropped to its lowest levels since 1940, according to the Pew Research Center. The newspaper deal, however, is Berkshire’s second divestiture in less than a year, including the sale of an insurance business in late 2019. McClatchy Co. — which owns about 30 newspapers, including the Miami Herald and Charlotte Observer — is fighting to avoid bankruptcy as it contends with pension obligations and debt.

Source: Los Angeles Times January 29, 2020 15:33 UTC