Shares of Lee Enterprises (LEE) Trading Higher Again - Is It Buffett?
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Shares of Lee Enterprises (NYSE: LEE) are trading higher again this morning, currently up 6.3%. There is no significant news releases today, however, shares of LEE have been moving higher since June 6th when Warren Buffett reported a 3% investment stake in the company.
For a long time, Warrent Buffett said he wouldn't invest in newspaper companies, however, he has purchased 63 papers along with this 3% stake in Lee. Most of the acquisitions have been small relative to Berkshire Hathaway's (NYSE: BRK-A)(NYSE: BRK-B) size deal. And, in regards to these recent newspaper acquisitions, it seems Buffett likes small-town publications that have a weak on-line presence.
For a long time, Warrent Buffett said he wouldn't invest in newspaper companies, however, he has purchased 63 papers along with this 3% stake in Lee. Most of the acquisitions have been small relative to Berkshire Hathaway's (NYSE: BRK-A)(NYSE: BRK-B) size deal. And, in regards to these recent newspaper acquisitions, it seems Buffett likes small-town publications that have a weak on-line presence.
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