Warren Buffett's Berkshire Hathaway Inc has agreed to shed much of its decades-old investment in Graham Holdings Co, the former publisher of the Washington Post, swapping most of its shares for a Miami television station and other assets.
Berkshire will exchange about 1.6 million Graham shares, worth roughly $1.1 billion, for Miami station WPLG, an unspecified number of Berkshire shares now owned by Graham, and cash, Graham said on Wednesday.
"I am sure this is a mutually beneficial transaction for both companies," Buffett said in a statement. "While this transaction will greatly reduce our position in Graham Holdings, our admiration for the company and its management is undiminished."
Berkshire owned 1.73 million Graham shares at Dec. 31.