(edited from TVNewsCheck.com) – Warren Buffett’s Berkshire Hathaway Inc. is acquring Graham Holding’s WPLG Miami (DMA 16) in a deal that also involves a swap of stock and cash, it was announced this morning.
Berkshire Hathaway is getting the ABC affiliate, part of Graham’s Post-Newsweek Stations group, along with Berkshire shares currently held by Graham, plus cash.
Station broker Larry Patrick said Buffett’s acquisition of a TV station is encouraging. “It should give a tremendous boost to the industry,” he said. “Buffett is recognized as a great value investor in long-term equity. It shows that broadcasting still has a lot of value.”
Speculation has been running high that Graham is interested in spinning off the entire Post-Newsweek group, which also includes WDIV Detroit (NBC), KPRC Houston (NBC), WKMG Orlando, Fla., (CBS) KSAT San Antonio (ABC) and WJXT Jacksonville, Fla. (Ind.)….Cont….