Warren Buffett to buy last major employee-owned newspaper, the Omaha World-Herald

The Berkshire Hathaway company has agreed to purchase The Omaha World-Herald Co. from its employee shareholders and the Peter Kiewit Foundation.

The transaction is expected to close in late December, pending approval of The World-Herald's shareholders, made up of active employees, retired employees and the Peter Kiewit Foundation. The purchase also is subject to customary closing conditions, including regulatory approvals.

Warren Buffett, chairman of Berkshire, said “The World-Herald delivers solid profits and is one of the best-run newspapers in America, and we are pleased to have Terry Kroeger and his team join Berkshire Hathaway.”

Kroeger, publisher, president and CEO of The World-Herald, said “Buffett's offer to purchase our company presented a unique opportunity to address our long-term capital needs and continue local ownership of The Omaha World-Herald, which is consistent with the legacy left to us by Mr. Kiewit.”