Berkshire Hathaway to Buy Employee-Owned Omaha World-Herald Co.

Warren Buffet, CEO of Berkshire Hathaway, announced on November 30 that his company would buy the Omaha World-Herald Company, currently 80% owned by its employees, for $150 million in cash plus assumption of $50 million in debt. The World-Herald Company owns several daily and weekly newspapers, including the World-Herald. The company employs 1,600 employees and is owned by the Peter Kiewit Foundation and by 275 current and former employees. World-Herald CEO Terry Kroeger referred to the employee ownership structure as "restrictive," and noted that "We have repurchased the company about seven times since the employee ownership plan was put in place" in 1979.