I will not go further into detail with this company due to it being "off-topic", but I will say this: BH Media operates the media portion for Warren Buffett's Berkshire Hathaway, Inc. In other words...anything that Buffett wants to put out in the media will be published via BH Media.
Berkshire Hathaway Media Co. Adds Atlantic City Newspaper
Law360, New York (July 18, 2013, 10:58 PM ET) -- The media arm of Warren Buffett’s Berkshire Hathaway Inc. will purchase The Press of Atlantic City, a mid-sized daily newspaper serving New Jersey’s Atlantic, Cape May, Cumberland and Ocean counties, according to a newspaper statement Thursday. BH Media Group, a wholly owned subsidiary of Berkshire Hathaway, will purchase the daily from Pittsburgh, Pa.-based private holding company Abarta Inc., according to a statement from the newspaper’s interim publisher James W. Hopson. Terms of the deal were not disclosed, but it will make the Press the 30th daily newspaper owned by BH Media.
"We're delighted to have The Press of Atlantic City join our growing family of newspapers," BH Media Group Terry Kroeger said. "We look forward to the opportunity to continue the tradition of community-minded journalism carried on by the Bitzer/Taylor family for over 50 years," he said of the family that owns Abarta and had owned the Press since 1951.
The Press has a daily circulation of 67,000 and a Sunday circulation of 77,000, according to its website.
Hopson and Kroeger announced the installation of a new publisher, Mark Blum, who will assume the reins of the mid-size daily when the purchase is finalized. An exact date for the changing of the guard was not announced, but the deal is expected to close in August, according to the release.
BH Media has continued investing in daily and weekly newspapers, as print media companies attempt to pull out of an industry nose dive. Gannett Company Inc., the country’s largest daily newspaper company, has seen its year-over-year revenue drop every fiscal quarter of the past year, according to reports.
In May 2012, BH Media paid $142 million for 63 of Richmond, Va.-based Media General Inc.'s daily and weekly newspapers, redoubling the Nebraska company's media investments with publications including Media General's flagship Richmond Times-Dispatch.
Separately, Berkshire Hathaway provided Media General a $400 million term loan, set to mature in 2020, as well as a $45 million revolving credit line, the media company said. The loan allowed the company to fully repay debt due in March.
The Media General papers joined Buffett's hometown paper, the Omaha World-Herald, under the BH Media Group umbrella. In November 2011, Omaha-based Berkshire Hathaway bought the Nebraska paper, plus six other regional papers owned by the Omaha World-Herald Co. Berkshire Hathaway is also the Washington Post's largest shareholder.
The Media General deal spanned publications in Virginia, North Carolina, South Carolina and Alabama, but did not cover Media General's print assets in Tampa, Fla., including The Tampa Tribune. Media General later sold The Tampa Tribune to Los Angeles-based private equity company Revolution Capital Group for $9.5 million in October, according to a company statement.
"In towns and cities where there is a strong sense of community, there is no more important institution than the local paper," Buffett said in a statement following the Media General deal. "The many locales served by the newspapers we are acquiring fall firmly in this mold and we are delighted they have found a permanent home with Berkshire Hathaway."
--Additional reporting by Karlee Weinmann. Editing by Chris Yates.
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