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Billionaire Warren Buffett's company Berkshire Hathaway Inc. has signed a deal worth 142 million dollars, in cash, with Media General, Inc. agreeing to buy 63 newspapers from the company. The newspapers will be purchased by BH Media Group and will include 63 daily and weekly newspapers in Virginia, North Carolina, South Carolina and Alabama, in addition to digital assets, including websites and mobile and tablet applications. Under a separate credit agreement, Berkshire Hathaway will provide Media General with a 400 million dollar term loan and a 45 million dollar revolving credit line. The new loan will be used to fully repay the company's existing bank debt due in March 2013. "These newspapers are great institutions and powerful brands in their respective markets. We are honored to have the opportunity to work with our new colleagues as we continue to produce top-notch news and advertising products in both print and digital platforms," Terry Kroeger, president of BH Media Group, said. The Media General newspapers will be a part of BH Media Group, along with the Omaha World-Herald Company newspapers. A sister company of the Omaha World-Herald Company, World Media Enterprises, Inc., will manage the Media General newspapers. Marshall N. Morton, president and chief executive officer of Media General, said: "Selling our newspapers represents a monumental change for us. We're very happy that our newspapers will become part of Berkshire Hathaway's BH Media Group, a company with a strong commitment to local news leadership and community engagement". The deal is expected to be finalized on June 25. Media General is a leading provider of news, information and entertainment across multiple media platforms, serving consumers and advertisers in strong local markets, primarily in the Southeastern United States . Following the sale of newspapers to Berkshire Hathaway, the company's operations will include 18 network-affiliated television stations and their associated websites.

Warren Buffett buys 63 newspapers in $142 million deal