Thursday, August 16, 2012

Warren Buffett Now Owns More Lee Enterprises Stock

Posted By on Thu, Aug 16, 2012 at 10:06 AM

Warren Buffett cosplays as a newsie.
  • Warren Buffett cosplays as a newsie.
Berkshire Hathaway, billionaire Warren Buffett's conglomerate, revealed in SEC filings Tuesday that the company has increased its stake in Lee Enterprises to the tune of 3.23 million shares. That just about doubles the amount of Lee stock Berkshire Hathaway owns, which it first acquired when Buffett purchased $85 million worth of the company's debt.

As is often the case with Buffett, when he buys a stock, others follow in his wake. Lee Enterprises' stock opened Tuesday morning trading at $1.29 per share; it opened this morning at $1.60.

Of course, you know who really benefits from this bit of news? Lee's CEO, Mary Junck. That last wad of bonus stock she received just days before laying off 23 Post-Dispatch employees is worth a whole bunch more now. Finally, something in this country is going a CEO's way.

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