By Beth Stebner and Associated Press PUBLISHED: 11:38 EST, 17 May 2012 | UPDATED: 11:54 EST, 17 May 2012 Billionaire Warren Buffett's company is making another foray into newspapers, agreeing to buy 63 newspapers from Media General Inc. for $142 million. Berkshire Hathaway Inc. is also extending a loan to Media General and taking a 19.9 per cent stake in the company, which will still own 18 TV stations. Buffett has defended newspapers, saying that they will have a decent future if they continue delivering information that can't be found elsewhere. Buying power: Warren Buffett, seen at a a newspaper tossing competition on May 5, just purchased 63 newspapers across the U.S.
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Berkshire Hathaway Inc will purchase 63 newspapers for $142million
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Told investors in 2009 that newspapers faced unending losses because they lost their essential nature
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Included in purchase is Richmond Times-Dispatch in Virginia and Winston-Salem Journal in North Carolina
Berkshire Hathaway Inc.
Berkshire Hathaway Inc
'The many locales served by the newspapers we are acquiring fall firmly in this mould and we are delighted they have found a permanent home with @placeholder.'