Newspaper industry loses one of its last big backers in Buffett, who delivered Washington Post as a kid

Newspaper industry loses one of its last big backers in Buffett, who delivered Washington Post as a kid

Daniel Zuchnik | WireImage | Getty Images

Warren Buffett, a life-long newspaper fan and booster, is giving up on his bet that local news would help protect papers in small to medium-sized cities.

Berkshire Hathaway is selling its 31 newspapers to Lee Enterprises for $140 million in cash.

The deal includes Buffett’s home-town daily, The Omaha World-Herald, and The Buffalo News, a longtime…

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