New York, August 17 (FinanceEnquiry.com) – The owner of Berkshire Hathaway Inc (NYSE: BRK), Warren Buffet has doubled his stake in newspaper publisher, Lee Enterprise’s (NYSE: LEE) which is the parent company of Casper Start Tribune and St Louis Post-Dispatch.
It was disclosed by BRK that Buffet’s stake in LEE has increased by 3.23 million shares, which has ben valued to around 6 percent of outstanding shares. According to regulatory filings, BRK’s ownership stake in LEE was 1.7 million shares in June.
Buffet once said that he will not be interested in purchasing newspaper stake and has turned down his words by investing in it. The action was initiated as small city newspapers has strong tie-ups to their communities and also has limited competition.
Lee’s all other 52 newspapers were in small cities and towns, except Post-Dispatch.
Buffet owns $5.1 million of stake in Lee, which is very small amount for the multi-billionaire. A huge debt amount of $926 million has been paid by Lee, out of which, majority was taken by Pultizer Inc and it also included Post-Dispatch.
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