Berkshire Hathaway Buys Tulsa World

BH Media Group, a subsidiary of Warren Buffett’s Berkshire Hathaway, is currently buying the Tulsa World, we learned from Steve Jordan. The terms of the sale have not been disclosed as of yet.

The Lorton family has owned the Tulsa World newspaper “for four generations,” writes Jordan. It’s been nearly a month since Warren Buffett purchased his last daily newspaper. He bought the Greensboro News & Record nearing the end of January.

Robert E. Lorton Jr., Chairman of World Publishing Co. is quoted by Jordan as saying: “the newspaper business has become a difficult business model within a changing society and in particular for local family-owned newspapers. BH Media Group presents the best opportunity to continue a local paper that will serve this community, our friends and neighbors.”

Lorton is also quoted as saying that the sale “assures a secure future for a local Tulsa World newspaper.”

In a Boston Globe column that was released last week, newspaper business analyst Ken Doctor said to “expect an announcement of another Berkshire Hathaway newspaper acquisition – as soon as Monday.”

Now that Berkshire Hathaway has purchased the Tulsa World, Buffett and company currently own 27 daily newspapers and a grand total of 269 publications in all. Buffett purchased all but one of the Media General newspapers this past May. He believes in newspaper properties that “intensively cover their communities.” BH Media Group had to close down the Manassas News & Messenger this past December.

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