Buffett’s Berkshire Hathaway Makes Print Play, Acquires 63 Media General Newspapers

“We are extremely pleased to enter into a new financing partnership with the highly respected Berkshire Hathaway organization. Our new credit agreement addresses Media General’s long-term capital needs and provides the company with significant financial and operating flexibility,” continued Morton.

Media General said that in recent years its model has shifted toward its broadcast and digital businesses. Broadcast television accounted for 77 percent of total platform cash flow for the full year 2011; in the first quarter of this Political year, it accounted for 87 percent. Morton said Media General is capitalizing well on this year’s event-driven revenue opportunities in broadcast.