Warren Buffett adds Tulsa World to his newspaper portfolio
27 Feb 2013
Warren Buffett yesterday acquired another small newspaper in Tulsa, Oklahoma, to his growing portfolio of small town community-focused newspapers.
A subsidiary of Buffett's investment arm Berkshire Hathaway, BH Media Group, yesterday acquired the Tulsa World, which has a daily circulation of 95,000, from the Lorton family for an undisclosed sum.
Founded in 1905, Tulsa World is owned and operated for four generations by the Lorton family of Tulsa.
With a daily circulation of 95,000 and a Sunday circulation of 133,000, Tulsa World is th elargest and best-read local newspaper in Tulsa County and the surrounding areas and is the second-most widely circulated newspaper in Oklahoma, after The Oklahoman.
Robert Lorton Jr, the chairman of the World Publishing Company, which owns the Tulsa World, said selling to Berkshire would provide a secure future for the Tulsa newspaper.
"Our family takes great pride in the Tulsa World and its many years of service to Tulsa and Oklahoma. The newspaper business has become a difficult business model within a changing society and in particular for local family owned newspapers."
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