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Billionaire Warren Buffett is selling his 31-newspaper and digital media empire for a tidy sum of $140 million dollars to Lee Enterprises, the parent company of the Arizona Daily Star.
Lee Enterprises, the current manager of BH Media Group, was the only company considered due to handling the media group’s operations since 2018, according to Buffett in a statement.
“We believe that Lee is best positioned to manage through the industry’s challenges,” Buffett said in the statement.
Buffett, 89, previously described himself as a newspaper “addict” dedicated to purchasing more news outlets in a 2012 letter to BH Media Group’s publishers and editors. However, the billionaire seemingly soured on the profitability of the fourth estate, stating newspapers were “toast” in a 2019 Yahoo Finance interview. Buffett cites the decline in newspaper ad revenue for his lack of hope in the media industry during the same interview.
While Berkshire Hathaway will no longer be in the newspaper business, Buffett and co. will be lending Lee Enterprises $576 million at an annual interest rate of 9 percent to help finance the sell and consolidate their existing $400 million debt.
Once the deal finalizes, Berkshire Hathaway will be Lee Enterprises sole lender. Lee Enterprises will own 81 newspapers across the United States. The company currently owns 46 newspapers in 21 states.
Buffett acquired his first newspaper, Buffalo News, in 1977 and begin purchasing other news organizations as they became available, especially after the economic downturn of 2009.
Lee Enterprises is currently in a 50-50 partnership with media giant Gannett in the Arizona Daily Star. Gannett announced potential lay-offs and employee buyouts at the paper after merging with Gatehouse, another national media company, in 2019.
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“Martha McSally is known for being a Trump hack,” said Jennifer Horn, spokesperson for The Lincoln Project. “But Arizona is known for strong, independent leadership from principled leaders like John McCain and Barry Goldwater. Arizonans clearly see who Martha McSally truly is—an unprincipled and unelected Trump hack.”
Sen. McSally is currently trying to hold onto her unelected Senate seat as Democrat Mark Kelly consistently polls above her. In 2018, she was appointed to serve in Sen. John McCain’s seat when interim Sen. Jon Kyl retired in 2019.
The Lincoln Project is working to defeat Donald Trump and those candidates who have abandoned their constitutional oaths, regardless of party.
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As a U.S. senator for Arizona, it is my responsibility to faithfully represent the people of Arizona and tell them the truth.Except McSally does play that game. She has dodged and weaved when it comes to basic questions about her positions since she first joined the campaign trail. In fact, you need look no further than the Arizona Republic on the same day her commentary was published.
The latter part of that duty is all too often lost in today’s political environment. Politicians often sugarcoat things, tell you what you want to hear and otherwise play games with language that obscures the truth in our politics. It’s a runaway train of people who never seem to say what they mean or what’s really going on.
And that’s when I get off the train.
I am not a career politician. I don’t play that game because it does a disservice to the people of Arizona.
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He spent part of his youth living on the slopes of an active volcano in Sicily, where a beloved teacher, Signora Longo, told him how St. Agatha used breast milk to protect Catania from the volcano’s destructive flows."I’m from where the dead vomit red clay/in a seashell splatter, of kudzu and black confetti/where you can hear the sound of slave chains/in the soft foam of surf crashing onto Charleston’s shores/as little white kids with confederate flags/flapping from their bikes, ride happily into the sun/dreaming of the day the south shall rise again/See, I’m from where plantations turned into prisons/the way HIV turns into AIDS/And every cop is a doctor trained to prescribe bullets/to black children and call it the cure.” –Isaac Kirkman
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