Warren Buffett invests in Media General newspapers

One of the world's best accepted investors, Warren Buffett, is advance in bounded newspapers.His firm, Berkshire Hathaway, is advantageous $142m (£90m) to shop for a authoritative pale in Media General, and will additionally accommodation the close $400m and extend an added $45m adjustable acclaim line.Media General owns 63 circadian and account newspapers in the south-eastern US.Berkshire already owns owns the Buffalo News, the Omaha World Herald and a pale in the Washington Post.The advance comes at a time back bounded newspapers in the US are beneath banking pressure.Many are adversity falling apportionment and accident announcement acquirement to fresh agenda media.But Mr Buffett is assured that some affidavit can prosper. He said: "In towns and cities area there is a able faculty of community, there is no added important academy than the bounded paper.The abounding locales served by the newspapers we are accepting abatement durably in this mould and we are captivated they accept begin a abiding home with Berkshire Hathaway.Media General has newspapers in Virginia, North Carolina, South Carolina and Alabama.