It’s official! WPLG Channel 10 has a brand-new owner.
Warren Buffett, owner of the investment conglomerate Berkshire Hathaway, along with Graham Holdings Co., reported today that they have completed selling the Miami area TV station as well as other Graham Holdings assets. The assets and TV station now belong to Berkshire Hathaway. This deal was originally announced on March 12.
In a business transaction that was roughly valued at $1.1 billion, Berkshire Hathaway was to acquire a wholly-owned subsidiary of Graham Holdings, and the deal included the WPLG TV station, 1278 Class B shares of Berkshire Hathaway as well as 2107 Class A shares of Berkshire, as well as $327.7 million in cash. This is in exchange for roughly 1.62 million shares of Graham Holdings Class B common stock that is currently owned by Berkshire Hathaway.
Having a studio in Pembroke Park, WPLG has been a part of the Graham Holdings company – formally known as the Washington Post Group – for over 40 years. It was named for the iconic Graham family. The Washington Post Company purchased this TV station back in 1969, and changed the call letters of the station to WPLG to honor the memory of Philip L. Graham, Katharine Graham’s husband.
Graham Holdings is going to continue to own five more TV stations, including an Orlando CBS affiliate.