WPLG now in hands of Oracle of Omaha

March 31, 2014 by  

Warren Buffett, arguably the most famous person to come out of Omaha, Nebraska, has entered into an agreement to acquire WPLG, Miami’s ABC affiliate from Graham Holdings.

His company, Berkshire Hathaway, will be swapping an undisclosed amount of cash, shares of Berkshire Hathaway, and 1.6 million shares of Graham Holdings Co. for the station.

Graham Holdings, a publicly held company, formerly known as the Washington Post Co., experienced a name change last year after Jeff Bezos, the Amazon mogul, purchased its flagship newspaper. The deal, valued at $1.1bn, represents a turning point between the two. Berkshire had been a long time investor of the Washington Post Co., and the two companies have had a business relationship since the 1970s.

It appears that WPLG is the only TV station that Berkshire Hathaway owns outright at this time. Five other TV stations are owned by Graham Holdings and, since the deal with Berkshire, the business community is naturally speculating about whether Graham Holdings will be selling the others. This is particularly true in light of the recent boom experienced by local broadcast TV M&A. Among other cities with TV stations held by Graham Holdings are Orlando, Houston, and Detroit.

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