Oracle of Omaha will Buy WPLG-Channel 10
Mar 21, 2014 March 21, 2014
Berkshire Hathaway, Warren Buffett’s investment firm, will purchase the local Miami television station, WPLG-Channel 10 from Graham Holdings.
Warren Buffett, known as the “Oracle of Omaha,” or more commonly known as the second richest man alive, is planning on purchasing the WPLG-Channel 10 station for an impressive and confusing deal.
Buffett will purchase WPLG for $1.1 billion, along with an undisclosed amount of Berkshire Hathaway shares that Graham Holdings owns. In return, Graham will get 1.6 million shares of Graham Holdings stock that Berkshire Hathaway owns. The deal values the station at $364 million.
WPLG ranks in the top two for English stations in the Miami market. South Florida is known as the 16th largest TV market in the United States, with about 1.7 million homes in the market, which is about 1.4% of the country’s viewers.
WPLG itself opened in 1957 as an affiliate of ABC under the Walt Disney Company, and has been owned by Graham Holdings for over 40 years. Graham Holdings purchased the station in 1969, and changed the call sign to WPLG in memory of Philip L. Graham, the publisher and husband of Katharine Graham.