BH Media Group, subsidiary of Warren Buffett-run Berkshire Hathaway Inc., purchasing Tulsa World

TULSA - The Tulsa World has been sold to Warren Buffett, the third richest man on the planet.

The newspaper made the announcement Monday.

According to the Tulsa World, the publication is being purchased by BH Media Group for an undisclosed amount.

In a statement, BH Media Group CEO Terry Kroeger said, “The Tulsa World is a special newspaper in an outstanding market and we are honored to have the opportunity to own it. This is a great fit for our company, and we look forward for this region. We welcome the Tulsa employees into the BH Media family and are delighted to have the opportunity to work with them.”

During a 2:30 p.m. press conference, Tulsa World executive editor Joe Worley and managing editor Susan Ellerbach eased concerns surrounding staff changes and consolidation.

Worley and Ellerbach said no World employees would be laid off, nor will the paper experience any design or coverage changes. Decision-making powers are also expected to stay in Tulsa, the pair said.

Worley said staff members of the publication, which has been owned by the Lorton family since 1911, were shocked to hear of the sale and emotional following the news.

“Our family takes great pride in the Tulsa World and its many years of service to Tulsa and Oklahoma. The newspaper business has become a difficult business model within a changing society and in particular for local family owned newspapers," said Robert E. Lorton Jr., Chairman of World Publishing Company, on the World's website. "BH Media Group presents the best opportunity to continue a local paper that will serve this community, our friends and neighbors.”

Headquartered in Omaha, Neb., BH Media Group is a subsidiary of the Warren Buffett-run Berkshire Hathaway Inc.

The sale is scheduled to be finalized in March. The Tulsa World will be BH Media Group's 28th daily newspaper, according to Omaha.com.