Newsies, get it? Eh, it'll all make sense after the jump.
Matt Wirz of the Wall Street Journal reports that famed investor Warren Buffett, "the Oracle of Omaha," has purchased $85 million of Lee Enterprise's debt through his Berkshire Hathaway investment company. The purchase translates to a four percent ownership of the company, which itself owns the Post-Dispatch among other publications.
It's not Buffett's first venture into the newspaper biz, by any means.
Berkshire Hathaway owns a stake in the Washington Post Co, the Buffalo News and Buffett's own hometown paper, the Omaha World-Herald Co. In his teenage years Buffet was a paper boy, so his newsie roots run deep. Behold.
Interestingly, Buffett earns less in salary ($100,000) than Lee Enterprises CEO Mary Junck earned in bonus money this year ($500,000) for guiding the company out of bankruptcy. That should make for some interesting conversation at the next stockholders meeting.