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Berkshire Hathaway purchases Media General shares

TBO.com Staff
Published:   |   Updated: March 18, 2013 at 02:28 PM

Berkshire Hathaway Inc. said Tuesday that it exercised stock warrants to buy 4.65 million Class A common shares of Media General Inc. stock.

The exercise price was 1 cent a share, or $46,462. With the purchase, Berkshire Hathaway takes a 16.6 percent ownership stake in Media General based on the company’s 27.9 million outstanding common shares, according to a regulatory filing.

Media General owns The Tampa Tribune, WFLA, News Channel 8, and TBO.com.

In May, a Berkshire Hathaway subsidiary, BH Media Group, bought 63 Media General newspaper properties for $142 million.

The Tampa Tribune was not among the papers sold, but Media General is in discussions for a possible sale to another buyer.

The stock purchase gives Berkshire a significant say in how Media General operates as a broadcast and digital business.