Friday, August 28, 2015

Billionaire Warren Buffett buys Atlantic City Press

Newspaper sold

Billionaire Warren Buffett buys Atlantic City Press

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Berkshire Hathaway Chairman and CEO Warren Buffett, right, and Microsoft founder and Berkshire director Bill Gates play bridge outside of the Borsheims jewelry store, a Berkshire Hathaway subsidiary, in Omaha, Neb., Sunday, May 5, 2013. The Berkshire Hathaway shareholders meeting was being held this weekend in Omaha. (AP Photo/Nati Harnik)
Berkshire Hathaway Chairman and CEO Warren Buffett, right, and Microsoft founder and Berkshire director Bill Gates play bridge outside of the Borsheims jewelry store, a Berkshire Hathaway subsidiary, in Omaha, Neb., Sunday, May 5, 2013. The Berkshire Hathaway shareholders meeting was being held this weekend in Omaha. (AP Photo/Nati Harnik)

"Warren Buffett's newspaper company said Thursday it plans to acquire the Press of Atlantic City, N.J., for an undisclosed price," from Pittsburgh-based, family-owned Abarta, reports Buffett's Omaha World-Herald. Read it here: http://www.omaha.com/article/20130718/MONEY/130719281/1697#warren-buffett-s-newspaper-company-to-buy-atlantic-city-paper

Buffett had been among the operators expressing interest in the Press since it went up for sale.

The Press sells about 67,000 copies daily and 77,000 Sunday. Former Press controller Mark Blum will move back to Atlantic City to run the Press, moving on from his publisher's job at the Florence, S.C. Morning News, which Buffett's BH Media also owns. Press editor Neill Borowski, an Inquirer veteran, left last week to rejoin another previous employer, the Gannett chain.

South Jersey print media has suffered as the Atlantic City casinos have languished and real estate advertising has dried up in recent years. Last year the Newhouse family's Advance newspaper group folded its papers in Salem and Bridgeton and combined them with its Woodbury newspaper as the South Jersey Times. But Buffett has said he believes local news organizations provide unique content that can draw revenues as readers and advertisers do more online.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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