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Buffett's Firm to Complete Media General Deal - NBC29 WVIR Charlottesville, VA News, Sports and Weather

Buffett's Firm to Complete Media General Deal

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Charlottesville's Daily Progress now has new ownership, as do several county weeklies and the Richmond Times-Dispatch.

Warren Buffett's company Berkshire Hathaway Inc. completed its $142 million purchase of 63 Media General newspapers Monday.

Berkshire is also lending Media General $445 million to stay afloat.  In return, Berkshire gets an almost 20 percent stake in Media General and a seat on the board.

Buffett has said Berkshire may continue buying small and medium-sized newspapers in strong communities because he believes they have a decent future.

The Associated Press contributed to this article.

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