Buffett invests in PR

Since my recent infatuation with the company Bloomberg, I was reading a feature article about Warren Buffett in their magazine. Interestingly enough, I came across mention of Cathy Baron Tamraz, president and chief executive officer of Business Wire. For those of you who don’t know, Business Wire is an organized news distribution system, one of very few companies, which transmits news releases, photos and other multimedia contents to journalists, professionals, and other authorities, including the general public worldwide. As an exclusive third-party content provider, they also affiliate themselves with major news agencies, companies and organizations in more than 145 countries, in over 45 languages. Oh and if the name Warren Buffett doesn’t stick out either, he is a more than notable investor. Forbes magazine ranked him the richest person in the world; his company Berkshire Hathaway, sets his net worth at 62 billion dollars. (I suggest googling him, he’s a guy worth knowing about.)

Anyways, I was surprised to find that Warren Buffett bought Tamraz’s company for “more than several hundreds of million dollars,” as she says. Understandably, I can see the appeal Mr. Buffett saw in her company, which encounters only one other major competitor, the London-based company, PR Newswire. Notably, Business Wire delivers “250,000 news releases a year to 25,000 corporate clients around the world,” while it also generates “more than $215 million in sales.”

I found the article online as well, so you can read more about Mr. Buffett’s impressive undertakings.

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