owned by Berkshire Hathaway Media Group to publisher Lee Enterprises this week.
The famed investor "missed a chance to forge a vibrant, local ownership path for his hometown paper," Cooper continued. Instead, Buffett sold the OWH to an "out-of-state company that has all the nonsense national chains are known for" including "bloated bonuses for executives," "massive cuts to product," and "cutthroat investors."BH Media Group and Lee didn't immediately respond to requests for comment from Business Insider.
Buffett will charge 9% interest on the loan for 25 years, meaning he could net close to $1.3 billion if the publisher only pays off the interest each year. Lee will also sign a 10-year lease for BH Media Group's real estate.
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