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Berkshire Hathaway Discloses Stake in Lee Enterprises (BRK.A, LEE)

By Warren Paige

Warren Buffett’s investment firm, Berkshire Hathaway Inc. (NYSE: BRK.A), disclosed in a regulatory filing that it owns a stake in Lee Enterprises Inc. (NYSE: LEE). The disclosure sent LEE shares sharply higher in trading on Wednesday.

BRK.A made the disclosure after the SEC refused to let the company keep the investment confidential. BRK.A disclosed that it owns 1.66 million shares of Lee Enterprises common stock.

Based in Davenport, Iowa, Lee Enterprises provides local news, information and advertising in midsize markets. The company publishes 48 daily newspapers, including the St. Louis Post-Dispatch, and Lincoln (Neb.) Journal Star.

The disclosure comes less than a month after Berkshire acquired almost all Media General’s newspapers for $142 million. BRK.A also owns the Buffalo News and The Omaha World-Herald. Despite flagging advertising revenues, Buffett remains bullish on newspapers.

LEE shares rose 15.65% to finish at $1.33 on Wednesday.

 

June 7th, 2012 | Tags: , | Category: Hot MicroCaps, Warren Buffett Buying

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All stories in DailyStocks.com are for informational purposes only. This is NOT a stock recommendation. This DailyStocks.com story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at DailyStocks.com . About Dailystocks.com: DailyStocks.com is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.

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All stories in DailyStocks.com are for informational purposes only. This is NOT a stock recommendation. This DailyStocks.com story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at DailyStocks.com . About Dailystocks.com: DailyStocks.com is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.