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Thursday, April 12, 2012

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

Posted By on Thu, Apr 12, 2012 at 3:52 PM

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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