Warren Buffett's newspaper group, BH Media Group, reported this morning that it would buy the Tulsa World.
The local daily paper has been owned by the Lorton family for four generations.
According to a report in the Omaha World-Herald, which is also owned by BH Media Group, the sale is to close in March. Other terms, including the amount for which the paper is being sold, were not disclosed.
BH Media Group is a division of Berkshire Hathaway Inc., a multinational conglomerate based in Omaha, Neb., of which Buffett is CEO and chairman.
Terry Kroeger, publisher of the Omaha World-Herald and CEO of BH Media Group, said the Tulsa World is "a special newspaper in an outstanding market."
"This is a great fit for our company, and we look forward to continuing the long-standing tradition of outstanding journalism for this region," he said.
Robert E. Lorton Jr. told the World-Herald, "The newspaper business has become a difficult business model within a changing society and in particular for local family-owned newspapers. BH Media Group presents the best opportunity to continue a local paper that will serve this community, our friends and neighbors."
The Lortons got super rich from this and I guess other things they own. Their house is a monster!
editorial policy. Years ago, the Tulsa area and the Tulsa World seemed to be positioned as more reasonable and moderate than the right wing Oklahoma City and its very conservative Daily Oklahoman. In recent years, the World drifted farther to the right.