Berkshire Hathaway’s newspaper group cuts 289 jobs
Company blames declining advertising and circulation revenue.
OMAHA, Neb. — The newspaper chain owned by Warren Buffett’s Berkshire Hathaway is eliminating nearly 300 jobs to cut costs because of declining advertising and circulation revenue.
The Omaha World-Herald reports that 181 people will be laid off at BH Media Group newspapers and another 108 vacant positions will be eliminated.
BH Media CEO Terry Kroeger says some of the group’s 31 daily newspapers are also reducing the number of pages they print.
For instance, the Richmond Times-Dispatch in Virginia plans to lay off 33 employees, including 13 in the newsroom, and eliminate its separate daily business section.
Newspapers are a relatively small part of Berkshire Hathaway, which owns more than 90 subsidiaries and holds investments in companies like Coca-Cola Co., Wells Fargo, Apple and IBM.