The Berkshire Hathaway newspapers will be managed by Lee Enterprises, beginning July 2. Lee owns community newspapers in 49 U.S. markets. BH Media will still maintain ownership of its 30 local newspapers.
Both parties agree that the new five-year management plan will allow the print and digital operations of each company's newspapers to be more enhanced. The deal puts Lee in charge of broadly managing the newspapers, while strategic decisions will be decided upon jointly.
Berkshire Hathaway CEO, Warren Buffett, praises Lee for being a leader in the industry and growing revenue and strength in the digital market. He looks forward to both businesses growing even stronger together, especially through digital subscriptions and advertising revenue.
Lee has high hopes for the venture as well. "The publishing business is in transition, to be sure, but we remain positive about our future, as many print opportunities remain and digital audiences and revenue continue to grow and flourish,” Mary Junck, executive chairman of Lee Enterprises, says.