OMAHA, Neb. – Warren Buffett’s company now controls 17 percent of Media General’s stock because Berkshire Hathaway (BRK.A) exercised the warrants it received this summer when it bought 63 newspapers.
Berkshire filed documents with the Securities and Exchange Commission showing that it acquired 4.6 million shares of Media General stock on Monday. Omaha-based Berkshire paid a penny per share, or about $46,000, for the shares.
After selling most of its newspapers to Berkshire for $142 million, Media General continues to own 18 television stations. Berkshire also lent Richmond, Va.-based Media General $445 million to pay off debt.
Buffett has said Berkshire may continue buying small and medium-sized newspapers in strong communities because he believes they have a decent future.
Source: Warren Buffett’s Berkshire Hathaway now controls 17 percent of Media General
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