“Warren Buffett’s newspaper company said Thursday it plans to acquire the Press of Atlantic City, N.J., for an undisclosed price,” from Abarta, a Pittsburgh-based family-owned business. We learn this from the Omaha World Herald.
Since the Press went up for sale, Warren Buffett has been one of the main people expressing interest in the company. The newspaper sells around 67,000 copies each day, and their Sunday edition sells around 77,000 copies. Mark Blum, former press controller is going to make the move back to Atlantic City so he can run the newspaper. He is giving up his publisher’s job at the Florence, South Carolina Morning News, also owned by BH Media, Warren Buffett’s newspaper company.
Neill Borowski, a veteran from the Inquirer chose to leave last week in order to rejoin Gannett, his previous employer. The print media business in southern New Jersey has suffered as of late, mainly due to languishing Atlantic City casinos and the current dry spell in real estate advertising over the last few years.
Last year, the Advance newspaper group owned by the Newhouse family closed down its papers and Bridgeton in Salem, and then combined them with the Woodberry newspaper and called it the South Jersey Times. Buffett has a strong belief that local news organizations will be able to provide unique content, and he believes that advertisers and readers will also start to do more online.