Warren Buffett adds Tulsa newspaper


The Tulsa World, which usually focuses on reporting the news, was the news – it reported its own move from family ownership to the portfolio of renowned investor Warren Buffett’s BH Media Group.

The newspaper reported that its staff was informed of the move 2/25/12. Terms of the deal were not disclosed.

World Publishing Company Chairman Robert Lorton will be exiting, and current exec John R. Bair will take the helm of the publication for BH.

According to Tulsa World, Bair said: “I sit here today with mixed emotions. For the past 12 years, I have worked for the Lorton family, and I will miss interacting with them daily. They are passionate about the newspaper industry and care deeply about this community. However, this is an exciting time in our industry, and I am confident that this announcement is in the best interest of our shareholders, employees and the communities we serve. BH Media has a top-notch management team, and I look forward to working with them to build upon the great legacy of this institution.”

The newspaper will be tucked into a portfolio that already includes 28 dailies and 42 weeklies.

RBR-TVBR observation: If there is one good sign for the future of newspapers, it has to be Buffett’s interest in the medium. He did not get rich making bad investments, and the fact that his entry into the newspaper business seems to have fed an appetite for more may be the biggest positive for the business since the internet started eating away at its revenue.