Warren Buffet Buys WPLG Miami

Warren Buffett's Berkshire Hathaway has agreed to by Miami station WPLG.

Post Newsweek is trying to calm down employees telling them that the other PNS station's are not for sale. Of course, unless someone offers them a good price.

Here is the internal memo that Post Newsweek Boss Emily Barr sent to staff to try and clam their fears. 

March  12, 2014

To: All PNS Employees

From:  Emily Barr


Today, Graham Holdings Company has announced that it has reached a deal in principle to trade a subsidiary that will include WPLG along with other assets to Berkshire Hathaway in exchange for GHC stock owned by Berkshire Hathaway. PNS and its five remaining stations will continue to be an integral part of Graham Holdings. WPLG and its employees are expected to join Berkshire Hathaway later this year, after the deal is approved by the FCC.  

Please know that the decision to trade WPLG, which has long been an important part of the fabric of Post-Newsweek, was not made lightly or without regard to the implications this has for our remaining five stations.  We are a broadcast group that has long been the envy of many in our industry and we remain healthy and influential.  Let me assure you we will continue to innovate, lead and evolve far into the future.

When you are asked (and you will undoubtedly be asked) if Post-Newsweek Stations is for sale, you can emphatically state we are not.  Don has asked me to innovate and grow our existing stations, not prepare them for sale.

The exchange may take several months to complete. We cannot answer every question that will arise today because some issues remain to be resolved as the deal is finalized. Be assured, though, that we will work together in the coming months to make the transition as smooth and simple as possible for all concerned.