Warren Buffett Buys Lee Enterprise Debt, Now Owns 4% of the Company

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click to enlarge Newsies, get it? Eh, it'll all make sense after the jump.
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.

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