(Read more: Berkshire buys Omaha newspaper despite industry's 'terrible' future)
Once again, the Press fits Buffett's strategy of buying community-oriented newspapers in small and midsize cities that provide information not available from the online sources that are threatening larger publications.
It has a daily circulation of 67,000 and a Sunday circulation of 77,000. The Press says its website has 700,000 unique visitors each month.
(See more: Warren Buffett tossing papers and singing his 'Paperboy' song)
At this year's Berkshire shareholders meeting in May, Buffett told CNBC that he doesn't expect to "move the needle" at Berkshire with its newspaper buys but he does think they'll generate an annual return of 10 percent, so "we're not doing anything dumb."
—By CNBC's Alex Crippen.