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Highlights of Warren Buffett's ownership of The News

1969: Warren Buffett buys an Omaha weekly called the Sun, whose publisher is Stanford Lipsey.

1971: Buffett makes an unsuccessful bid to purchase the Cincinnati Enquirer.

1976: As a member of the Washington Post’s Board of Directors, Buffett attends a meeting during which the Post's possible purchase of The Buffalo Evening News is discussed. He says if the Post does not buy The News, he would be interested in buying it. The Post eventually decides not to pursue The News.

1977: The News is sold to one of Buffett's companies, Blue Chip Stamps Inc. The 1977 Blue Chip annual report said the total price paid for The News was $35.5 million. The News, which had published Monday through Saturday, begins publication of a Sunday edition, competing head to head with the Courier-Express.

1980: Lipsey, who had been visiting Buffalo about once a month to help News executives plan its future, agreed to move to Buffalo full time.

1981: Buffett makes Lipsey vice president and chief operating officer of The News.

1982: The Courier publishes is last edition on Sept. 19. The News begins publishing a morning edition in addition to the afternoon paper.

1983: The News becomes profitable. Lipsey named publisher.

2007: The News ends publication of its afternoon edition.

2013: Lipsey retires as publisher of The News and is succeeded by Warren T. Colville.

2020: Buffett sells The News to Lee Enterprises.

correction: January 30, 2020

An earlier version of this story incorrectly identified Stanford Lipsey's middle initial. He has neither a middle initial nor a middle name.

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