(Reuters) - Warren Buffett's Berkshire Hathaway Inc is eyeing more newspapers, according to a memo posted on Jim Romenesko's media website. http://bit.ly/JLNPkE
The Oracle of Omaha wrote in a memo to Berkshire Hathaway's publishers and editors that "Berkshire will probably purchase more papers in the next few years," according to the website.
Buffett's company announced on May 17 that it would buy the majority of Media General Inc's papers for $142 million in cash and that it would form a new subsidiary called BH Media Group.
In the memo, Buffett said, "we will favor towns and cities with a strong sense of community, comparable to the 26 in which we will soon operate."
Berkshire already owns the Buffalo News, the Omaha World-Herald Co and a stake in the Washington Post Co. The conglomerate also reportedly holds a small stake in the recently reorganized newspaper chain Lee Enterprises.
(Reporting By Jennifer Saba; Editing by Phil Berlowitz)