Sale of WPLG-Channel 10 to Berkshire Hathaway complete
07/01/2014 11:23 AM
07/01/2014 1:57 PM
WPLG-Channel 10 officially has a new owner.
Berkshire Hathaway, Warren Buffett’s investment conglomerate, and Graham Holdings Co. reported Tuesday that they have completed the sale of the Miami-area television station and other assets of Graham Holdings to Berkshire Hathaway. The companies announced the deal on March 12.
In a deal valued at about $1.1 billion, Berkshire has acquired a wholly-owned subsidiary of Graham Holdings, including WPLG, 2,107 Class A Berkshire shares and 1,278 Class B Berkshire shares owned by Graham Holdings and $327.7 million in cash, in exchange for about 1.62 million shares of Graham Holdings Class B common stock owned by Berkshire Hathaway.
WPLG, with studios in Pembroke Park, had been part of Graham Holdings, formerly called the Washington Post Group, for more than four decades and was named for the iconic Graham family. The Washington Post Company purchased the station in 1969 and changed the call letters to WPLG in memory of publisher Philip L. Graham, the husband of Katharine Graham.
Graham Holdings will continue to own the other five stations, including the CBS affiliate in Orlando.
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