(BRK.A), (BRK.B)
Newspaper acquisitions don’t make a lot of news these days, as the high-tech online content providers get most of the attention. Meanwhile, Berkshire Hathaway, through its BH Media Group, continues to snap up newspapers in small and medium-sized markets.
BH Media’ Group’s latest acquisitions are the Franklin News-Post, which covers Rocky Mount, Virginia, and the Martinsville Bulletin, which covers Martinsville, Virginia. The papers have a combined circulation of just over 17,000.
Martinsville Bulletin’s publisher, George Harris, is retiring after a 43-years working at the newspaper.
A Focus on Community News
The acquisitions are in line with BH Media Group’s emphasis on community papers that are still the go to source for local news, sports and events.
BH Media Group currently has a portfolio of 71 newspapers and other titles located in 10 states, including Alabama, Florida, Iowa, Nebraska, New Jersey, North Carolina, Oklahoma, South Carolina, Texas and Virginia. They also operate WPLG-TV, an ABC affiliate in Miami, FL.
BH Media Group does not have a national news gathering operation. It uses wire service for national news, but does cover regional news and state governments, sharing that information across its newspapers.
To read a Special Report on BH Media Group’s revenues and acquisition strategies see BH Media Finds Multiples Success.
© 2015 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.