Billionaire Buffett dumps newspaper holdings at a loss

The transaction comes with print newspapers struggling to keep up in the digital world, with declining circulation and tough competition for advertising.

Buffett invested more than $300 million in newspapers over the past decade, including his hometown Omaha World-Herald. Wednesday's announcement is not a total divestment. As part of the deal, Berkshire Hathaway is providing $576 million in financing to Lee at a nine percent annual rate.

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