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Buffett's company discloses Lee Enterprises stake

Berkshire Hathaway Inc. Chairman and CEO Warren Buffett (L) greets traders on the floor of the New York Stock Exchange after ringing the opening bell on September 30, 2011 in New York City.
Mario Tama/Getty Images

(AP) OMAHA, Neb. - Billionaire Warren Buffett's company now owns about 3.2 percent of Lee Enterprises' stock as Berkshire Hathaway Inc.'s (BRK-A) newspaper holdings continue to grow.

Buffett's Omaha-based company disclosed that it owned 1.66 million shares of Lee's stock on Tuesday after the Securities and Exchange Commission refused to let him keep the investment confidential. The SEC often lets Buffett conceal investment moves while he's making them because so many investors try to copy him. Last month Berkshire announced a deal to buy 63 newspapers from Media General Inc. for $142 million. And Buffett has said Berkshire may buy more newspapers in the future despite the challenges the industry faces. Lee is a Davenport, Iowa, based publisher of the St. Louis Post-Dispatch, Lincoln Journal Star and other newspapers. Buffett's company buys newspapers
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