The Press of Atlantic City has been sold to Warren Buffett’s BH Media Group. Buffett now owns 30 daily and 40 weekly newspapers in 10 states.
The Press of Atlantic City, like most other newspapers, has lost both readership & advertisers over the years. The Press of AC’s circulation is now down to 67,000 daily and only 77,000 Sunday. Online readership of the paper has been hampered by a so-called ‘paywall’, forcing readers to pay a fee after viewing 3 online articles.
Abarta, now the former owner of The Press, said it sold the newspaper because it wanted to focus on businesses with higher growth potential. The Press cut 15 percent of its workforce recently in order to improve its balance sheet prior to the sale.