Warren Buffett’s Berkshire Hathaway Inc will sell its newspaper business to Lee Enterprises Inc for $140 million in cash, abandoning an industry the billionaire investor had long defended even as its financial prospects deteriorated, reports Reuters.

The Reuters report added that the transaction includes 31 daily newspapers and 49 weeklies including the Richmond Times-Dispatch in Virginia.

Lee owns 50 daily newspapers including the St. Louis Post-Dispatch, and has since July 2018 managed Berkshire’s papers other than the Buffalo News, which Berkshire bought in 1977.

Berkshire has more than 90 operating businesses such as the BNSF railroad and Geico auto insurer, and bought most of its newspapers in the last decade.

Photo: CNBC

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