(BLOOMBERG) -- Warren Buffett’s Berkshire Hathaway Inc. struck a deal for Lee Enterprises Inc. to manage its newspapers in 30 markets as the billionaire seeks a way to grapple with falling revenue in the media industry.
Berkshire will pay Lee to manage the papers and work to transform the businesses in exchange for an annual fee of $5 million plus a percentage of profits above benchmarks over five years, Lee said Tuesday in a statement. The deal doesn’t include the Buffalo News.
Terry Kroeger is stepping down as chief executive officer of BH Media Group, which controls some of Berkshire’s papers, according to the Omaha World-Herald, one of the companies included in the deal.
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