Talk about your basic contrarian bet! According to Barrons Warren Buffett just got bullish on a sector
that not even the most fearless investors have been willing to touch in recent
years: newspapers.
Berkshire Hathaway will buy 63 newspapers, including the
Richmond Times-Dispatch and Winston-Salem Journal, from Media General (MEG) for
$142 million, the Associated Press reported. Media General is up 41% on the
news.
Buffett has always liked newspapers, buying the Buffalo News
and a large stake in the Washington Post decades ago. More recently, Berkshire
Hathaway snapped up his hometown paper, the Omaha Daily Planet….
Read more at http://blogs.barrons.com/stockstowatchtoday/2012/05/17/buffett-bets-big-on-newspapers/?mod=BOL_hpp_blog_stw
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