- Obama military downsizing leaves U.S. too weak to counter global threats, panel finds
- Sen. Tom Coburn vows to slow down budget-busting bills ahead of recess
- Obama fantasizes about more executive power, signs new order on federal contractors
- Clintons call Klein, Halper, Kessler ‘a Hat Trick of despicable actors’: report
- Boehner accuses Obama of ‘legacy of lawlessness’
- Pro-marijuana group claims responsibility for Brooklyn Bridge flag swap
- Young adults shun Obamacare mostly due to cost: survey
- Stabbing attack on transgender girl, 15, was ‘bias motivated,’ police say
- LGBT adults still lean overwhelmingly toward Democratic Party
- Lawmakers rattled by Syria genocide horrors, call on Obama to act
Buffett trims ties to former Washington Post owner
Question of the Day
WASHINGTON (AP) - Warren Buffett’s company says it has agreed to acquire a Miami-based TV station from Graham Holdings Co. in exchange for most of its shares in the company that once owned The Washington Post.
The deal will nearly eliminate Berkshire’s investment with the Graham family, which dates back to 1973 when Buffett invested $10.6 million in the Washington Post Co. after the newspaper’s stock took a beating following the publication of its famed Watergate stories.
“While this transaction will greatly reduce our position in Graham Holdings, our admiration for the company and its management is undiminished,” said Buffett, who was a close friend with former Washington Post publisher Katherine Graham and advised the family on business matters. The company changed its name to Graham Holdings Co. last year after selling the newspaper.
The exact number of shares of each company and the amount of cash will be determined when the deal closes.
Buying a television station could add a new wrinkle to Berkshire’s growing media chain. Berkshire now owns 31 small- and medium-sized daily newspapers. It has bought most of those newspapers since 2011 at bargain prices. Including weekly papers and other publications, Berkshire owns 70 newspapers.
Berkshire has some experience in television because in the 1980s it helped finance Capital Cities’ purchase of ABC. Buffett served on the Washington Post and Capital Cities boards for decades while they owned television stations.
But newspapers and WPLG will represent a relatively small part of Berkshire Hathaway, which owns more than 80 subsidiaries and holds major stakes in companies like Coca-Cola Co., Wells Fargo and IBM. Berkshire’s subsidiaries include Geico and General Reinsurance, BNSF railroad, MidAmerican Energy utility, Fruit of the Loom, Nebraska Furniture Mart and Dairy Queen.
TWT Video Picks
Both parties recognize the Democrats' scam
- Inside the Ring: Israel surprised by Hamas tunnel network
- CRUZ: A tale of two hospitals: One in Israel, one in Gaza
- Chicken pox outbreak puts illegal immigrant facility on lockdown
- Israel surprised by Hamas tunnel network
- Report: 40% of weapons sent to Afghanistan are unaccounted for
- Catholic League slams Obama: 'Do Christian lives mean so little to you?'
- GOP leaders delay border bill, leave Obama in control
- CIA admits improperly hacking Senate computers in search of Bush-era information
- Sarah Palin's online channel hits snag as Stephen Colbert buys similar URL
- 'Big Bang' star Mayim Bialik helps send bulletproof vests to IDF
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world