Media General is selling nearly all of its newspapers and news sites to Warren Buffett's Berkshire Hathaway for $142 million, according to the Wall Street Journal.
Berkshire Hathaway is a major shareholder for the Washington Post Co., and owns Buffalo News in New York.
“We are extremely pleased to enter into a new financing partnership with the highly respected Berkshire Hathaway organization. Our new credit agreement addresses Media General’s long-term capital needs and provides the company with significant financial and operating flexibility,” said Marshall Morton, president and C.E.O. of Media General, in an interview with the Associated Press as published on Fredericksburg.com.