Berkshire Stops the Presses at D.C. Suburb Newspaper

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

The Manassas, Va., News & Messenger, one of 63 newspapers purchased by Warren Buffett's Berkshire Hathaway (NYSE: BRK-A  ) (NYSE: BRK-B  ) earlier this year, is being shut down. Its last print edition will be Dec. 30.

World Media Enterprises Inc. -- created by a subsidiary of Berkshire Hathaway to operate the newspapers Buffett's company bought in a $142 million deal with Media General (NYSE: MEG  ) -- announced today that it has decided to shutter the News & Messenger and lay off all 33 of the paper's employees. It will also discontinue operations at the Inside NOVA website and its companion weekly newspaper, Inside NOVA Weekly.

The Messenger publishes five days a week in the suburbs of Washington, D.C., and boasts a circulation of some 10,000 people.

"Our 33 dedicated News & Messenger employees worked very hard as we took several approaches to make this newspaper successful," said Doug Hiemstra, president of World Media Enterprises, in a statement. "Despite those efforts, business conditions drove us to this decision. We do not see a long-term viable way to maintain a daily news operation here."

He also said: "Let me be clear: World Media remains bullish on community newspapers and our ability to publish news and advertising content on a variety of platforms that is useful to our readers and the communities in which they live. "

World Media also announced it will be laying off a further 72 Media General employees, mostly in the firm's corporate offices.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2113051, ~/Articles/ArticleHandler.aspx, 10/27/2016 10:58:46 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,184.23 -15.10 -0.08%
S&P 500 2,135.40 -4.03 -0.19%
NASD 5,234.84 -15.43 -0.29%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/27/2016 10:41 AM
BRK-A $216030.01 Up +190.01 +0.09%
Berkshire Hathaway… CAPS Rating: *****
BRK-B $144.13 Up +0.19 +0.13%
Berkshire Hathaway… CAPS Rating: *****
MEG $16.91 Down -0.24 -1.40%
Media General CAPS Rating: *