After decades among the portfolio of the Graham family, WPLG Local 10 will soon be welcomed into the arms of another iconic businessman.
Graham Holdings Company (GHC) and Buffett's Berkshire Hathaway Inc. announced on Wednesday that they have reached an agreement to exchange WPLG for Berkshire's shares of GHC.
READ: Memo to WPLG staff
The move brings to an end GHC's four decades-old ownership of the Miami ABC affiliate. The Washington Post Company purchased the station in 1969 and changed the call letters to WPLG in memory of Phillip L. Graham, the husband of Washington Post publisher Katherine Graham.
“I am sure this is a mutually beneficial transaction for both companies,” said Warren E. Buffett, chairman and chief executive officer of Berkshire Hathaway. “While this transaction will greatly reduce our position in Graham Holdings, our admiration for the company and its management is undiminished.”
GHC will continue to own the 5 other stations in their group.