The Tulsa World is among 31 daily newspapers sold this morning by billionaire Warren Buffet.
His Berkshire Hathaway’s BH Media Group has sold all its publications in a $140 million deal with Lee Enterprises, which has been managing those newspapers since July 2018.
The sale includes BHMG's more than 49 paid weekly publications with digital sites and 32 other print products, as well as the Buffalo News, which is owned separately by Berkshire Hathaway.
The deal is part of a larger, $576 million agreement between the companies to also refinance around $400 million in debt Lee is carrying.
"This is a compelling and transformative transaction for Lee," said Mary Junck, Lee's chairman. "It both refinances our long-term debt on attractive terms and provides new revenue opportunities as well as operational synergies across an expanded portfolio."
Buffett, Berkshire's chairman and CEO, said he and his partner, Charlie Munger, have long admired Lee.
"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," Buffett said.
Lee's portfolio will grow to 81 daily papers nearly double its audience size, the company said. The deal is expected to close in mid-March.
