OMAHA, Neb. (AP) — Berkshire Hathaway and Lee Enterprises announced Tuesday that Lee is taking over the management of Berkshire Hathaway’s newspaper and digital operations in 30 markets.
The five-year management agreement between Lee and BH Media Group begins July 2.
Lee will receive an annual fixed fee of $5 million plus a significant percentage of profits over benchmarks, according to Lee President Kevin Mowbray.
“In addition to the primary benefit of deploying Lee’s successful strategies at BH Media, this alliance provides a significant expansion of operating scale, adding 30 markets to our own 49,” he said.