Berkshire Hathaway, the company that Warren Buffett is the CEO and president of, has recently purchased two small newspapers in Virginia to add to its current collection of more than two dozen small and medium-sized newspapers.
On Tuesday, Berkshire Hathaway Media announced that they had acquired the Franklin News-Post and the Martinsville Bulletin in Rocky Mount, Virginia and made this purchase from Haskell Newspapers.
They are not going to disclose the terms of the deal. At this time, Berkshire Hathaway currently owns 31 daily newspapers and many dozens of weeklies in 10 states. They already own several newspapers in Virginia.
Berkshire Hathaway tells us that the Martinsville newspaper has a daily circulation of 12,250 customers that currently reaches more than 60% of the community. And the Franklin newspaper publishes a total of 5100 copies three times per week.
The newspaper business remains a small part of Berkshire Hathaway, which owns over 80 subsidiaries and has major stock market investments in companies including IBM, Wells Fargo and Coca-Cola.