Washington Post sale ends Buffett's stake in paperAugust 6, 2013 @ 7:51 am
OMAHA, Neb. (AP) - Warren Buffett's company's longtime stake in the Washington Post newspaper will end when the publication is sold to Amazon.com founder Jeff Bezos.
Buffett's Berkshire Hathaway conglomerate holds 1,727,765 shares of the Washington Post Co. Berkshire has been the largest outside shareholder since the 1970s, and Buffett served on the Post's board for more than two decades.
Buffett invested $10.6 million in the Post after its stock fell in the wake of its publication of its famed Watergate stories. Berkshire will receive about $53.5 million from the newspaper's sale.
Over the past few years, Buffett has bought more than two dozen newspapers, but apparently he decided the Post didn't fit with the small and medium-sized newspapers Berkshire has been collecting.
Buffett didn't immediately respond to questions about the Washington Post deal.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Reports: Four people injured in shooting at Marysville-Pilchuck High School
Apathy On Mercer
Jason Rantz says SDOT's unequal treatments of cars will end up severely hurting Seattle
Tom Tangney says 'Birdman' takes flight, then collapses in exhaustion
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.