Warren Buffet made a deal to sell his empire, the Berkshire Hathaway’s newspapers, to Lee Enterprises in a $140 million cash deal.
The Gannet merger in 2018 created some discussion around the declining newspaper industry. Buffet himself was unsure of the industry’s future due to a decrease in advertisement revenue.
Warren Buffet explains, "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.”