Buffett’s Firm Buys Press Of Atlantic City
Warren Buffett's Berkshire Hathaway Inc. is adding the Press of Atlantic Cit to its collection of more than two dozen small and medium-sized newspapers.
Berkshire said Thursday that it's buying the Press from Abarta, which is a private Pittsburgh firm held by the Taylor and Bitzer families.
The Press will be Berkshire's 31st daily newspaper. It has a daily circulation of 67,000 and a Sunday circulation of 77,000 in southern New Jersey.
Financial terms of the deal were not disclosed.
Buffett has said he believes smaller papers like the ones Berkshire is buying will fare OK because they remain the primary source of information about their communities.
But Buffett says the newspapers will do little to help Berkshire's profits because they are relatively small compared to the total conglomerate.
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