Graham Holdings continues exit from media business, swings deal with Berkshire Hathaway for WPLG-TV
The company created following the sale of The Washington Post to Jeff Bezos, Graham Holdings Company, continued its sell-off of its remaining media properties. Today it announced the sale of WPLG, a Miami-based television station.
The deal is really an accounting transaction, as you will see below, as the companies traded stock, in addition to some cash.
Graham Holdings still owns the for-profit education company Kaplan, as well as a few television stations in Detroit, Houston, Orlando, San Antonio and Jacksonville. But the trend is definitely to cash out and Warren Buffett’s Berkshire Hathaway appears eager to help out.
WASHINGTON & OMAHA, Neb. – July 1, 2014 — Graham Holdings Company and Berkshire Hathaway Inc. reported today that they have completed a transaction, announced March 12, 2014, in which Berkshire has acquired a wholly-owned subsidiary of Graham Holdings, including WPLG, a Miami-based television station, 2,107 Class A Berkshire shares and 1,278 Class B Berkshire shares owned by Graham Holdings and $327.7 million in cash, in exchange for about 1,620,000 shares of Graham Holdings Class B common stock owned by Berkshire Hathaway.