Buffetts Wearing a Business Wire
Billionaire investor Warren Buffett’s Berkshire Hathaway has acquired news distribution service Business Wire for an undisclosed sum.
Business Wire will operate as a wholly owned subsidiary of Berkshire Hathaway while Business Wire’s management team will remain in place to run the company’s day-to-day operations. The acquisition is expected to close in the first quarter of 2006.
Warren Buffett, Berkshire Hathaway chairman and chief executive officer, said that Business Wire closely mirrored the profile of companies in Berkshire Hathaway’s portfolio.
“We quickly realized that Business Wire was a gem of a company,” Buffett added. “I expect Business Wire to continue to do what it has always done and I’ll be there if I can help in any way.”
Business Wire founder Lorry Lokey called Berkshire Hathaway a “perfect fit.” Lokey will remain with Business Wire as chairman, but says he will be more active with charitable causes in the medical research fields.