Warren Buffett gives up on newspapers; Berkshire sells unit to Lee Enterprises
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(Reuters) - Warren Buffett's Berkshire Hathaway Inc agreed to 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.The transaction includes 30 daily newspapers and several dozen weeklies owned by BH Media Group, including the Omaha World-Herald in Berkshire's hometown in Nebraska, as well as the Buffalo News, a western New York newspaper Berkshire bought in..