Graham Holdings Company sells WPLG-TV to Berkshire Hathaway
The former owner of The Washington Post, now known as Graham Holdings Company, has agreed to sell its Miami television station, WPLG, to Berkshire Hathaway. No specific price was put on the deal, but the announcement states that it involves cash and approximately 1.6 million shares of Graham Holdings Class B common stock, reducing Berkshire Hathaway’s investment in the new company run by Donald Graham, the former publisher of The Post.
“I am sure this is a mutually beneficial transaction for both companies,” said Warren E. Buffett, chairman and chief executive officer of Berkshire Hathaway. “While this transaction will greatly reduce our position in Graham Holdings, our admiration for the company and its management is undiminished.”
“We thank our longtime colleagues at WPLG for their enormous contributions and congratulate them on the opportunity to join one of the greatest companies in America,” said Graham.
The Washington Post Company sold off its flagship, The Washington Post, to Jeff Bezos of Amazon in August of last year. The new company that resulted from the sale, Graham Holdings Company, still owns the education unit Kaplan, as well as Slate, Foreign Policy and other media properties. But with a name that includes “Holdings” one can probably expect more sales.