https://www.nwitimes.com/business/local/lee-enterprises-completes-acquisition-of-bh-media-group/article_b3d4bd0b-c32c-5a64-81a0-a332350d0200.html
Lee Enterprises, owner of The Times Media Co., announced Monday it has completed its acquisition of BH Media Group’s publications and of The Buffalo News.
The acquisitions nearly double Lee’s audience size and add 30 daily newspapers, more than 49 paid weekly publications with digital sites and 32 other print products to Lee’s portfolio, which is now comprised of 77 publications in 77 communities.
“This transaction reinforces our conviction in the value and power of local news, adding 31 publications with deep roots in their communities, enabling Lee to serve even more readers and advertisers," Lee Chairman Mary Junck said.
In connection with the transaction, Berkshire Hathaway provided approximately $576 million in long-term financing to Lee at a 9% annual rate. The proceeds from the financing were used to pay for the acquisition, to refinance Lee’s existing debt, and to terminate its revolving credit facility. Berkshire Hathaway is now Lee’s sole lender.
“Lee today leads the industry in digital revenue growth and operating performance, and this transaction unlocks new opportunities to grow our top line and further accelerate our digital transformation," President and CEO Kevin Mowbray said.