OMAHA, Neb. (AP) – Berkshire Hathaway and Lee Enterprises say Lee is taking over managing Berkshire Hathaway’s newspaper and digital operations in 30 markets.
The companies announced Tuesday that the five-year management agreement between Lee and BH Media Group begins July 2.
Lee President Kevin Mowbray says Lee will receive an annual fixed fee of $5 million plus a significant percentage of profits over benchmarks.
The contract excludes management of BH Media’s television assets.
Berkshire’s billionaire investor chairman Warren Buffett says that, “although the challenges in publishing are clear, I believe we can benefit by joining efforts.”
BH Media properties include the Omaha World-Herald and Winston-Salem Journal in North Carolina. Lee’s include the St. Louis Post-Dispatch and the Lincoln (Nebraska) Journal Star.
BH Media is based in Nebraska and Lee is based in Iowa.
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