Berkshire Hathaway Inc., a company run by billionaire Warren Buffett, announced Friday that it is buying the Tribune-Herald.

The Trib is being sold by Robinson Media LLC. The company — formed by Waco businessman Clifton Robinson and his son, Gordon Robinson— bought the paper nearly three years ago.

The family decided to put the newspaper up for sale after deciding it needed owners with a media background, Clifton Robinson said.

Terry Kroeger (left), President and CEO of Omaha World-Herald Co., listens as Clifton Robinson, owner of the Waco Tribune Herald, speaks to employees on Friday morning.
Rod Aydelotte / Waco Tribune-Herald

Although the Robinsons are proud of changes they have made at the Tribune-Herald, it needs newspaper professionals to guide it through the ever-changing industry, he said.

The financial terms of the deal are not being disclosed. The deal is expected to close by Aug. 1.

“The long-term fate of the Waco Trib is in better hands with professional newspaper people than it is left in the hands of the local community,” Clifton Robinson said.

The multinational Berkshire Hathaway announced last month that it is making a new foray into the newspaper business, as it agreed to buy 63 newspapers from Media General. Berkshire Hathaway’s newspaper division also recently bought the Bryan-College Station Eagle newspaper.

Berkshire Hathaway, based in Omaha, Neb., has owned the Buffalo News of New York for decades and bought the Omaha World-Herald in December. The company is also the largest shareholder of Washington Post company, with a 23 percent stake.

Terry Kroeger, president of a Berkshire Hathaway subsidiary called BH Media Group, came to the Tribune-Herald Friday along with several other company executives. He said the company does not plan to make major changes at the newspaper or initiate layoffs.

“It’s not our style,” Kroeger said. “We don’t think it’s smart.”

The newspaper employs 124 people.

The main reason the company decided to buy the paper is because it is excited about the local marketplace, Kroeger said. He referenced the research park being spearheaded by Baylor University, as well as the community’s strong medical industry and retail climate.

Kroeger stressed that Berkshire Hathaway believes in local control of newspapers. The company does not exert pressure on coverage decisions or editorial choices, such as which political candidates a newspaper endorses, he said.

The company knows some in the community may be concerned about the newspaper shifting back to out-of-town owners, Kroeger said. But he emphasized that the Trib will continue its mission of serving Central Texas.

“I would sure hope the community will gives us a shot and lets us prove ourselves to them,” Kroeger said.

Buffett has said newspapers have a decent future if they continue delivering information that can’t be found elsewhere. They also need to stop offering news free online, he has said.

“In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” Buffett said in a statement last month.

The Robinsons bought the newspaper from Atlanta-based Cox Enterprises in August 2009, a year after Cox announced it wanted to sell all of its Texas, North Carolina and Colorado newspapers to adjust the company’s business portfolio and pay down its debt.

The Tribune-Herald just marked its 120th year. It has a daily circulation of about 33,500 and a Sunday circulation of about 38,600. Berkshire Hathaway owns many different types of businesses, from Fruit of the Loom and GEICO Auto Insurance to The Pampered Chef and See’s Candies.

The Associated Press contributed to this story.