Warren Buffett Chooses New Path for Newspapers After Lamenting Decline
- Lee Enterprises will manage some of Berkshire’s papers
- Kroeger is stepping down as BH Media CEO, according to report
Photographer: Kostas Tsironis/Bloomberg
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Warren Buffett’s Berkshire Hathaway Inc. struck a deal for Lee Enterprises Inc. to manage its newspapers in 30 markets as the billionaire seeks a way to grapple with falling revenue in the media industry.
Berkshire will pay Lee to manage the papers and work to transform the businesses in exchange for an annual fee of $5 million plus a percentage of profits above benchmarks over five years, Lee said Tuesday in a statement. The deal doesn’t include the Buffalo News.