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Buffett buys another newspaper

OMAHA, Neb.Warren Buffett's Berkshire Hathaway is adding The Roanoke, Va., Times to its growing group of small and medium-sized newspapers.

Berkshire announced Thursday it was acquiring The Times from Landmark Media Enterprises. It will be Berkshire's 30th daily newspaper.

Financial terms were not disclosed. Berkshire says The Roanoke Times has daily circulation of 76,000 and Sunday circulation of 90,000.

Buffett told shareholders earlier this month that Berkshire should earn decent returns of about 10 percent on the newspapers because it is buying them at such cheap prices.

But he says newspaper earnings will keep declining, and the newspapers won't make much difference to Berkshire overall profits because they are relatively small compared to the conglomerate.

Berkshire's newspaper holdings include the Omaha World-Herald, Buffett's hometown paper, purchased in late 2011. Berkshire also bought scores of weeklies and dailies from Media General Inc. in 2012, as well as the Tulsa World and North Carolina's Greensboro News & Record. He remains a long-time holder in shares of the Washington Post Company.