Tags: Berkshire-Hathaway | Media-General | buffett | Stake

Berkshire Expands Media General Stake to 17%

Monday, 24 Sep 2012 09:14 PM

Warren Buffett’s Berkshire Hathaway Inc. has exercised warrants in Media General Inc. to acquire 4.65 million shares of common stock.

Berkshire paid 1 cent a share under the agreement and now has about 17 percent of the stock, Buffett’s Omaha, Nebraska- based company said Monday in a regulatory filing. Richmond, Virginia-based Media General closed at $5.07 in New York.

Buffett got the warrants as part of a deal in May in which he agreed to pay $142 million for Media General newspapers including the Richmond Times-Dispatch and provide a $400 million term loan with an interest rate of 10.5 percent. Buffett, 82, also won the right to appoint a director at Media General, which retains television properties, and last week nominated Wyndham Robertson to the board.

Robertson, who had been on the board from 1996 to 2005, “will provide valuable perspective as Media General moves ahead as a pure-play television broadcaster,” J. Stewart Bryan, the company’s chairman, said in a Sept. 20 statement.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Companies
Warren Buffett's Berkshire Hathaway Inc. has exercised warrants in Media General Inc. to acquire 4.65 million shares of common stock.
Berkshire-Hathaway,Media-General,buffett,Stake
163
2012-14-24
Monday, 24 Sep 2012 09:14 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved