Seeking Alpha

Berkshire closes TV-station deal

  • Miami-based WPLG-TV is added to Berkshire Hathaway's (BRK.A, BRK.B) media holdings after a roughly (tax-advantaged) $1.1B share swap deal. In addition to the ABC affiliate, Berkshire got back 2,107 of its own Class A shares, 1,278 of its Class B shares, and roughly $328M in cash from Graham Holdings (GHC +0.2%). In return, Berkshire delivered 1.62M shares of Graham Holdings back to Graham Holdings.
  • The Berkshire shares are valued at about $400M and the TV station at $364M.
  • The deal ends Warren Buffett's long association with Graham Holdings, known as the Washington Post Co. before selling its flagship newspaper to Jeff Bezos. Buffett first bought into the company in 1973.
  • Previously: Buffett and Graham put deal on paper
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