TBO.com: Tampa Bay Online.
Saturday, Jul 23, 2016
Business News

Berkshire Hathaway purchases Media General shares

TAMPA - Berkshire Hathaway Inc. said Tuesday that it exercised stock warrants to buy 4.65 million Class A common shares of Media General Inc. stock. The exercise price was 1 cent a share, or $46,462. With the purchase, Berkshire Hathaway takes a 16.6 percent ownership stake in Media General based on the company’s 27.9 million outstanding common shares, according to a regulatory filing. Media General owns The Tampa Tribune, WFLA, News Channel 8, and TBO.com. In May, a Berkshire Hathaway subsidiary, BH Media Group, bought 63 Media General newspaper properties for $142 million.
The Tampa Tribune was not among the papers sold, but Media General is in discussions for a possible sale to another buyer. The stock purchase gives Berkshire a significant say in how Media General operates as a broadcast and digital business.