.
MergerLinks Header Logo

Announced

Lee Enterprises to acquire Berkshire Hathaway Media for $140m.

Financials

Edit Data
Transaction Value£107m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA2.95x
Share Price Premium-
One Off Charge-

Tags

Edit

Private

Pending

Majority

United States

media

Acquisition

Private Equity

Media Agencies

Friendly

Single Bidder

Domestic

Synopsis

Edit

Lee Enterprises, a local news provider and platform for advertising in 50 markets, agreed to acquire Berkshire Hathaway Media, newspaper operations of Berkshire Hathaway, for $140m. Berkshire Hathaway is providing approximately $576m in long-term financing to Lee at a 9% annual rate. “My partner Charlie Munger and I have known and admired the Lee organization for over 40 years. They have delivered exceptional performance managing BH Media’s newspapers and continue to outpace the industry in digital market share and revenue. We had zero interest in selling the group to anyone else for one simple reason: We believe that Lee is best positioned to manage through the industry’s challenges. No organization is more committed to serving the vital role of high-quality local news, however delivered, as Lee. I am confident that our newspapers will be in the right hands going forward and I also am pleased to be deepening our long-term relationship with Lee through the financing agreement,” Warren E. Buffett, Berkshire Hathaway Chairman and CEO.

© COPYRIGHT 2024 MERGERLINKS LIMITED.

ALL RIGHTS RESERVED.

15 BONHILL STREET, LONDON, EC2A 4DN, UNITED KINGDOM.

CONTACT US