Buffett buys another newspaper

Investor Warren Buffett greets shareholders while touring the exhibit floor prior to holding the Berkshire Hathaway shareholders meeting, in Omaha, Neb., Saturday, May 4, 2013. Tens of thousands attend Berkshire Hathaway shareholder meeting to hear Warren Buffett and Charlie Munger answer questions for more than six hours. No other annual meeting can rival Berkshire's, which is known for its size, the straight talk Buffett and Munger offer and the sales records shareholders set while buying Berkshire products. (AP Photo/Nati Harnik)
Nati Harnik

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.