US business tycoon Warren Buffett is in talks to exit his investment in Graham Holdings, former owner of The Washington Post, after an association of 40 years.
Buffett’s Berkshire Hathaway Inc. and Graham Holdings are negotiating a stock swap, according to documents submitted late on Wednesday to the US markets regulator, the Securities and Exchange Commission.
It would involve Berkshire handing 1.7 million shares of Graham Holdings, a stake of about 28 per cent and worth about $US1.1 billion, back to the company.
Graham Holdings changed its name from Washington Post Co. after selling its flagship newspaper to Amazon chief executive Jeff Bezos last year.
The billionaire Buffett had forged a strong friendship with the Post’s boss Katharine Graham, who died in 2001.
Copyright (2014) AFP. All rights reserved.
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