Warren Buffett’s successful Berkshire Hathaway is acquiring privately held Business Wire for an undisclosed sum. The PR company, which has a strong online presence with its own services and as a information provider to various sites, will be a wholly owned subsidiary with current management and day-to-day ops staying as is. No financial details disclosed for the deal, expected to close this quarter, but the history page on Business Wire’s site says “at the peak of the “dot com” era, BW employees numbered 550 and revenue grew to $150 million.” Another clue from the press release: Founder Lorry Lokey has donated “in excess of $160 million to educational and medical research-related projects worldwide in the past decade.”
Alan Meckler wonders if it’s Buffett’s first buy in the Internet space. “If so it is nice to have the Omaha financial master making his first Internet buy? Perhaps this could be the start of other Internet purchases?”
MKTW | AP | Press release.
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