(Reuters) - Warren Buffett added another newspaper to his growing chain - this time in Tulsa, Oklahoma - as he scours the United States for papers in small, community-focused markets.
A subsidiary of Buffett’s Berkshire Hathaway, BH Media Group, said on Monday that it bought the 95,000 daily circulation Tulsa World from the Lorton family for an undisclosed sum. The deal is expected to close in March.
The Lortons have published Tulsa World for more than a century.
“The newspaper business has become a difficult business model within a changing society, and in particular for local family-owned newspapers,” Robert Lorton Jr., chairman of World Publishing Co, which publishes Tulsa World, said in a statement.
A report in Tulsa World about the sale said the newspaper is profitable.
While newspapers have been in a world of hurt as advertisers flee and readers turn to their smartphones for news, publishers in smaller to medium-sized markets have faired better than their big-city counterparts.
BH Media Group operates more than 60 daily and weekly newspapers mainly in smaller communities throughout several states including Texas, Nebraska, Virginia and North Carolina.
Buffett also holds stakes in Washington Post Co, Gannett Co and Lee Enterprises.
Reporting By Jennifer Saba in New York; editing by John Wallace