The parent company of a Virginia newspaper, The Culpepper Star-Exponent, has purchased a Pittsburgh-based private holding firm in a deal that should be finalized in Aug. 2013. Warren Buffet's BH Media Group has reported they will seal the deal of the Press of Atlantic City, a southern New Jersey media distributor, with daily circulation of 67,000 and Sunday circulation of 77,000. The acquisition will allow the company to expand into new markets. It was purchased from a family who had owned the periodical since 1951. A former publisher at a South Carolina periodical will take over publication of the New Jersey newspaper. He expressed his enthusiasm at returning to the periodical.
The CEO of BH Media indicated that they are happy to be taking over what they believe to be one of the best periodicals in the state. They plan to continue to report on news that impacts the community. One of the sellers indicated he is very happy with the integrity that BH Media has in the industry, and he believes they will do an exceptional job of managing the business. The interim publisher believes that everyone involved will benefit from the merger, including the readers of the newspaper.
BH Media is part of the umbrella company of Berkshire Hathaway, Inc. They own about 25 small- to medium-sized newspapers and purchased the Star-Exponent just one year ago.
When a company is trying to decide if they should pursue a specific business, they sometimes need help handling the legal aspects of the merger and acquisition. A business attorney might be able to help them assess the benefits or disadvantages of a potential purchase.
Source: Star Exponent, "CSE owner to acquire The Press of Atlantic City", Allison Brophy Champion, July 18, 2013