Buffett buys local paper

The billionaire investor Warren Buffett is adding his home-town newspaper in Omaha, Nebraska, to the portfolio owned by his conglomerate, Berkshire Hathaway.

The Omaha World-Herald Co, which publishes the 135,000-circulation Omaha title, is owned mainly by its employees. Financial terms were not disclosed.

The deal is something of a U-turn for 81-year-old Mr Buffett, who delivered newspapers in his youth, after he said in 2009 that parts of the newspaper industry could be in for "unending losses".