(MIAMI HERALD) Warren Buffett’s company, Berkshire Hathaway, has agreed to buy WPLG-Channel 10 from Graham Holdings Co. in exchange for significantly reducing its stake in the company that once owned The Washington Post.
Post-Newsweek Stations, a unit of Graham Holdings that owns the Miami ABC affiliate and five others around the country, sent a memo to WPLG staffers on Wednesday, which was obtained by the Miami Herald. In it, Emily Barr, Post-Newsweek Stations’ president and CEO, said: “Please know that the decision to trade WPLG, which has long been an important part of the fabric of Post-Newsweek, was not made lightly or without regard to the implications this has for our remaining five stations. We are a broadcast group that has long been the envy of many in our industry and we remain healthy and influential. Let me assure you we will continue to innovate, lead and evolve far into the future.”
Under the agreement, Berkshire Hathaway will buy WPLG, along with an undisclosed amount of Berkshire shares currently held by Graham and cash. In exchange, Graham gets 1.6 million shares of Graham Holdings Class B common stock currently owned by Berkshire Hathaway. Graham Holdings will continue to own the other five stations. Graham Holdings was formerly the Washington Post Co.; the name was changed when Amazon’s Jeff Bezos purchased the flagship newspaper.
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