Bloomberg Businessweek

Buffett Gets Help With Newspapers

The investor hasn’t found a formula to fix his chain of local media companies

Warren Buffett loves newspapers. He delivered papers as a teenager and bought a lot of them for his Berkshire Hathaway Inc. conglomerate. But now the billionaire wants an outside company to manage most of them. He’s struck a deal for newspaper chain Lee Enterprises Inc. to help oversee a news empire that stretches from New Jersey to Texas and includes Buffett’s hometown Omaha World-Herald.

Lee will get a $5 million annual fee plus a share of profits above certain benchmarks. That Buffett has gone from avidly buying media properties to seeking a business

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