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Warren Buffett buys hometown paper

Omaha World-Herald Co. being purchased by Berkshire Hathaway

Warren Buffett’s Berkshire Hathaway Inc. announced Wednesday that it is buying the Omaha World-Herald Co., Bloomberg News reported. The company publishes seven daily newspapers and several weekly newspapers across Nebraska and Southwest Iowa, including the local paper in Buffett’s hometown, the Omaha World-Herald.

The deal terms, which require approval by the Omaha World-Herald's employee owners and other shareholders, weren't disclosed, Bloomberg News reported.

According to Reuters:

The World-Herald, which calls itself the last major employee-owned paper in the country, splashed the news across its website. With average daily circulation of just over 135,000, it is one of the larger papers in the country.

World-Herald Co. officials said the deal would make it easier for the paper to raise money while preserving local control, Reuters reported.

In 2009, Buffett told that Berkshire shareholders that many newspapers had the “potential for unending losses” and that he wouldn’t buy most of them “at any price,” Bloomberg News reported.

Today, Buffett suggested that his latest purchase has what it takes to be successful in an industry that’s going through major changes. "The World-Herald delivers solid profits and is one of the best-run newspapers in America,” he said in a statement, The Associated Press reported.

Berkshire is the owner of the Buffalo News of New York and the biggest shareholder of the Washington Post Co., Bloomberg News reported.

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This article originally appeared on GlobalPost.

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Warren Buffett