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Buffett taps Lee Enterprises to manage many Berkshire newspapers

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Reuters: Warren Buffett’s Berkshire Hathaway Inc. has hired Davenport-based Lee Enterprises Inc. to manage its newspaper and digital operations in 30 markets, hoping to boost readership and draw more advertisers as print circulation declines. Berkshire said today that it will continue to own BH Media Group, which owns 30 daily newspapers, including its hometown Omaha World-Herald, and 47 weekly newspapers. The five-year agreement calls for Lee to be paid $5 million a year plus a share of profits. Lee shares were up about 23 percent at $2.95 in midmorning trading.