Lee Enterprises Inc. completed the acquisition of Berkshire Hathaway Inc. unit BH Media Group Inc.'s publications and The Buffalo News Inc. for about $140 million in cash.

With the addition of 30 daily newspapers, more than 49 paid weekly publications with digital sites, and 32 other print products from BH Media Group, as well as The Buffalo News, Lee's current portfolio comprises 77 publications in 77 communities.

After eliminating the management agreement and adding operating expenses from the lease agreement, the transaction will drive an 87% rise in revenue, a 40% rise in adjusted EBITDA, and cut Lee's leverage to 3.5x, before $20 million to $25 million in anticipated annual revenue and cost synergies.

Berkshire Hathaway, which is now Lee's sole lender, offered about $576 million in long-term financing to Lee at a 9% annual rate in connection with the deal. Proceeds from the transaction were used to fund the purchase and to refinance Lee's existing debt. In addition, they enabled Lee to terminate its revolving credit facility.