Buffett has said he does not believe newspaper success "will come from cutting either the news content or frequency of publication."
BH Media Group, a division of Buffett's Berkshire Hathaway (Fortune 500), will add the , Roanoke Times to a stable that includes 29 newspapers in nine states, including the nearby Lynchburg News and Advance. BH Media Group vice president Terry Jamerson called the Times "one of Virginia's outstanding newspapers and digital enterprises."
The Times is currently owned by Virginia's Landmark Media Enterprises. Michael Abernathy, president of Landmark's publishing division, said the company was "pleased that The Times will be joining a company such as BH Media that is committed to the future of newspapers."
The newspaper's current daily circulation is 76,000, and 90,000 on Sunday. Terms of the deal were not disclosed.
Buffett has repeatedly said that newspapers are in an unavoidable decline, but that hasn't stopped him from snapping them up. Berkshire has acquired over two dozen newspapers in the past year-and-a-half, according to its most recent annual report.
Buffett said in his annual letter to shareholders in March that he and business partner Charlie Munger "love newspapers" and "believe that papers delivering comprehensive and reliable information to tightly-bound communities and having a sensible Internet strategy will remain viable for a long time."
"Berkshire's cash earnings from its papers will almost certainly trend downward over time. Even a sensible Internet strategy will not be able to prevent modest erosion," Buffett wrote. "At our cost, however, I believe these papers will meet or exceed our economic test for acquisitions."
|China to fight pollution with drones|
|The medical marijuana ad that never aired, despite contrary media headlines|
|2 million students missing out on college aid|
|Boeing reports wing cracks on Dreamliners|
|Bitcoin matters. Ignore the media circus.|