Buffett's Berkshire buying Omaha newspaper company - WAOW - Newsline 9, Wausau News, Weather, Sports

Buffett's Berkshire buying Omaha newspaper company

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OMAHA, Neb. (AP) -- Warren Buffett says Berkshire Hathaway is buying the Omaha World-Herald Co. and expanding the firm's newspaper holdings despite Buffett's misgivings about the industry.

Berkshire said Wednesday that it had agreed to buy his hometown newspaper. Terms of the deal, which must be approved by the Omaha World-Herald's employee owners and other shareholders, weren't disclosed.

The deal also includes daily newspapers the Omaha World-Herald owns in Council Bluffs, Iowa, Grand Island, York, Kearney, North Platte and Scottsbluff in Nebraska.

Buffett has said previously that he would be unlikely to add to Berkshire's newspaper investments because of the industry's dwindling returns. Berkshire owns the Buffalo News and it has a sizable investment in the Washington Post Co.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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