He is buying small town newspapers and bought many of them in the early part of this year. He buys value when it reaches the price point where people are saying "Yeah he's brilliant alright. He is currently buying newspapers. Brilliant. ROTFLMAO".
The "Citizen's United" advertising revenues during the last quarter election cycle probably paid him back for the whole newspaper depressed prices he paid.
"As part of this deal, Berkshire Hathaway will earn 10.5 percent lending money to Media General. This is about the dividend amount Buffett earned from Goldman Sachs (NYSE: GS) when he bought $5 billion worth of preferred stock back in 2008 at the nadir of The Great Recession."
"Small city and small town newspaper offer strong classified advertising incomes, both print and digital. In addition, the Internet will never replace the local newspaper for community news. By buying so many newspapers, Buffett can affect a roll-up type strategy. This will reduce costs through buying power. Expenses will be reduced through synergy. In addition, with many of the newspapers in the same region, there will be overlaps to increase revenues and decrease expenses."