Berkshire Hathaway is buying WPLG in Miami from Graham Holdings Co., former parent of the Washington Post.
CEO Warren Buffett is a long-time holder of stock in GHC when it was the Washington Post Co.
The transaction, which has yet to be finalized, will be financed via cash and exchange of some of BH’s shares in GHC.
GHC, which sold WaPo to Amazon founder Jeff Bezos, owns Kaplan educational services company; Cable One, cable TV operator in 19 midwestern, western and southern states;TV stations in Detroit, Houston, Orlando, San Antonio and Jacksonville; Foreign Policy and Slate.com
BH’s media holdings consist of newspapers such as Buffalo News, Richmond Times-Dispatch and Omaha World Herald.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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