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February 25, 2013

Buffet's BH Media to purchase Tulsa World

OMAHA — Billionaire Warren Buffett's Berkshire Hathaway is buying the Tulsa World, bringing its newspaper unit to 28 dailies.

The privately-held Tulsa newspaper has a daily circulation of 95,000. The sale was reported Monday by the Tulsa World and Berkshire's Omaha World-Herald, whose executives oversee the company's newspapers.

Terms of the deal, which is expected to close in March, weren't disclosed.

Terry Kroeger, who runs Berkshire's newspapers, says the Tulsa paper will be a great fit.

Beyond newspapers, Berkshire Hathaway Inc. owns clothing, insurance, furniture, utility, jewelry and corporate jet companies. It also has big investments in companies including Coca-Cola Co., IBM Corp. and Wells Fargo & Co.

Robert E. Lorton Jr., Chairman of World Publishing Company, was quoted saying, “Our family has been associated with the Tulsa World since my grandfather came to Tulsa in 1911. ... Today the Lorton family passes along that community relationship to Berkshire Hathaway’s BH Media Group, a company with a strong commitment to local news and community engagement.”

“BH Media has the breadth and depth of commitment to support the dedicated employees of the World in the changing journalistic world in which we now live,” Lorton said.

Beyond newspapers, Berkshire Hathaway Inc. owns clothing, insurance, furniture, utility, jewelry and corporate jet companies. It also has big investments in companies including Coca-Cola Co., IBM Corp. and Wells Fargo & Co.

BH Media Group, headquartered in Omaha, is a wholly owned subsidiary of Berkshire Hathaway Co. BH Media Group now owns 28 daily newspapers and related weekly newspapers in Nebraska, Iowa, Texas, Oklahoma, Virginia, North Carolina, South Carolina, Alabama and Florida.  Its properties include the Omaha World-Herald. 

 

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