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Tuesday, February 12, 2013

TRI-CITIES: Warren Buffett's newspaper group buys North Carolina paper




Warren Buffett's newspaper group bought the Greensboro (N.C.) News & Record on Thursday, adding the 122-year-old newspaper to its 26 daily newspapers and dozens of other publications.
BH Media Group, a division of Berkshire Hathaway Inc., purchased the newspaper for an undisclosed amount from Landmark Media Enterprises, which is based in Norfolk, Va. Buffett, chairman and CEO of Berkshire, has said he wants to acquire more newspapers in mid-sized cities with strong community ties. The Bristol Herald Courier is part of the BH Media Group

The News & Record circulates 58,000 copies daily and 86,000 on Sundays in North Carolina's Guilford County and the surrounding region. It has been owned by Landmark since 1965 and will become part of World Media Enterprises, a BH Media division.
“We're delighted to have the Greensboro News & Record join our growing family of newspapers,” said Terry Kroeger, CEO of the BH Media Group and publisher of The Omaha World-Herald. “The News & Record is a great fit with our newspapers in North Carolina. We welcome the Greensboro employees into the BH Media family.”
In North Carolina, BH Media also owns the Journal in Winston-Salem, 30 miles away, and four other dailies and six weeklies.
Michael Abernathy, president of Landmark, said, “While we will miss the many talented and dedicated employees of the News & Record, we are pleased they will be joining a company such as BH Media that is committed to the future of newspapers.”
Greensboro, home to about 275,000 people, is part of a metropolitan area with Winston-Salem and High Point known as the Pietmont Triad, with a combined 1.6 million population.
Greensboro and Omaha both are among the cities bidding to host the 2016 U.S. Olympic swim trials, which were held in Omaha in 2008 and 2012. Greensboro-based Jefferson Pilot Corp. purchased Guarantee Life Insurance of Omaha in 1999. Both are now part of Lincoln Financial Corp.
Once considered the center of the southern textile industry, Greensboro has the headquarters of Honda Aircraft Co., Lorillard Tobacco Co., Mack Trucks, Volvo Trucks of North America, the International Textile Group, Daimler Buses and Columbia Forest Products.
The University of North Carolina at Greensboro and North Carolina A&T State University recently opened the Gateway University Research Park.
The News & Record began as The Daily Record, first printed in November 1890, and the Greensboro Daily News, first published in 1909. The two had common ownership starting in 1930 and merged under the combined name in 1982, switching to morning-only circulation in 1986.
Along with the dailies, BH Media owns 40 newspapers published once, twice or three times a week, plus shoppers, monthly publications and regional magazines — 268 publications in all — and related on-line publications. Counting paid and unpaid print distribution, BH Media reaches slightly more than 1 million customers.

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