Warren Buffett buys a TV station
Graham Holdings Company
Berkshire Hathaway will buy "a wholly-owned subsidiary of Graham Holdings Company" that includes Miami's WPLG-TV. The consideration is "approximately 1.6 million shares of Graham Holdings Class B common stock currently owned by Berkshire Hathaway," Graham Holdings says in a press release. Graham Holdings used to be known as the Washington Post Co.
“I am sure this is a mutually beneficial transaction for both companies,” said Warren E. Buffett, chairman and chief executive officer of Berkshire Hathaway. “While this transaction will greatly reduce our position in Graham Holdings, our admiration for the company and its management is undiminished.”
Berkshire Hathaway purchased most of Media General's newspapers in 2012, and it's added lots of newspapers since.
Reuters reported in February that Berkshire Hathaway was in talks with Graham Holdings "to trade the shares it owns in the education and media company for control of a yet-to-be-formed unit of Graham."
Graham Holdings still owns TV stations in Detroit and Houston.