Lee Enterprises makes $140M deal to buy Berkshire newspapers

Paper company to invest in Maine, Wisconsin mills

DAVENPORT, Iowa (AP)- Lee Enterprises is buying Berkshire Hathaway’s BH Media Group publications and The Buffalo News for $140 million.

The deal covers 30 daily newspapers in 10 states, including Iowa, as well as 49 paid weekly publications with digital sites and 32 other print products.

Lee has been managing the BH Media publications since July 2018. Berkshire Hathaway is providing about $576 million in long-term, 9% financing to Lee, which Lee will use to pay for the Berkshire properties and refinance Lee’s approximately $400 million in existing debt.

The deal is expected to close in mid-March.