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Warren Buffett. Photo courtesy of Asa Mathat.

Press of Atlantic City among newspapers sold by Buffet

Berkshire Hathaway largely exiting journalism business

By David Wildstein, January 31 2020 4:39 pm

The Press of Atlantic City is among a group of daily newspapers sold by Berkshire Hathaway after billionaire Warren Buffett decided to mostly exit the journalism industry.

The new owner will be Lee Enterprises, which owns mostly small-market 46 dailies across the U.S.  According to published reports, Lee has been managing all but one of the Berkshire Hathaway media properties since mid-2018.

This is the third sale of a New Jersey-based newspaper in the last year.  Gannett sold their eight dailies to GateHouse Media, which had purchased the New Jersey Herald in a previous transaction.

Fifteen of the seventeen New Jersey daily newspapers are owned by either Gannett/GateHouse or Advance Publications.  Digital First Media, which had launched an unsuccessful hostile takeover of Gannett last year, owns the Trentonian.

Within the last 27 years, New Jersey has dropped from 23 daily newspapers – all with local news bureaus and individual editorial boards – to 17 with staffs that are a fraction of the size of their past and in many cases, without editorial writers commenting on local issues.

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