Billionaire investor Warren Buffett has been on a newspaper buying spree recently with recent purchases from Media General and Lee Enterprises. He is after the local newspapers that have a strong sense of community. Through Berkshire Hathaway, he disclosed ownership of 1,655,125 common shares in Lee Enterprises (NYSE:LEE), which the SEC has not granted Berkshire’s request to keep the position confidential. This represents approximately a $2.1 million position in LEE or roughly 3%. This investing theme is very interesting given that there will be a vast amount of competitors trying to capture market share at the local level. Lee Enterprises is a leading provider of local news, information and advertising in primarily midsize markets, with 48 daily newspapers and a joint interest in four others, rapidly growing digital products and nearly 300 specialty publications in 23 states. Lee’s newspapers have circulation of 1.3 million daily and 1.6 million Sunday, reaching more than four million readers daily. Lee’s online sites attract more than 20 million unique visits monthly, and Lee’s weekly publications have distribution of more than 4.5 million households.