Buffett's News Play
For years, Warren Buffett has said he is looking for elephant-size acquisitions for his holding company, Berkshire Hathaway (BRK.B) in order for them to move the needle at the $150 billion conglomerate. While this goal doesn't eliminate Berkshire making small acquisitions, the smaller deals are usually done by someone other than Buffett.
Yet Berkshire's recent 3% stake in micro-cap Lee Enterprises (LEE) is a direct Buffett move. Lee Enterprises publishes 52 daily and 39 Sunday newspapers, 300 weekly newspapers and niche publications in 23 states. Lee also provides digital infrastructure and digital publishing services for about 1,500 newspapers. The company was founded in 1890 and is based in Davenport, Iowa. We know this is a direct Buffet bet because over the past several months, Buffett has been buying newspapers left and right. His focus has been on small-town publications with little to no online presence. ...344 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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