The purchase, for an undisclosed price, is to close June 30.
“It’s got all the elements of a great community newspaper market that we look for,” said World-Herald CEO Terry Kroeger, including Texas A & M University, a strong medical community and a great business environment. “We think it’s a terrific market, and it was available at a reasonable price.”
The purchase adds to Berkshire Hathaway Inc.‘s growing portfolio of newspapers. Berkshire bought The World-Herald in December and, last month, Berkshire CEO Warren Buffett announced that he would buy a group of 63 newspapers from Media General Corp., a deal due to close later this month. Buffett also said he was interested in buying more newspapers that have strong ties to their communities.
Kroeger said The World-Herald is “certainly part of a company that, if there’s an investment that makes sense, they’ve got the capital to do it.”
“We’re getting to look at a lot of things these days. This one, we think, was particularly attractive. We’ve thought so for a long time.”
The Eagle is to become part of The World-Herald’s Midlands Newspapers division, which includes several other daily newspapers and other publications.
Jim Wilson is to continue as the Eagle’s publisher. Kroeger said no major changes are planned there. “We will work with the local managers at the Eagle to determine any changes in systems or processes,” he said.
John Barnwell, CEO of the Evening Post, said, “We have been very proud owners of the Eagle, and we will miss our relationship with all of the talented employees who produce such a great product each and every day. Fortunately, we are passing on our stewardship to a world-class organization.
- Warren Buffett’s Berkshire buys small Texas newspaper (timesleader.com)