The price has not been announced.
Landmark has owned the 124-year-old Times since 1969. The World-Herald, Berkshire's flagship newspaper, reports that the Roanoke Times has a Sunday circulation of about 90,000 and 76,000 on other days, with about 300 employees.
It's the latest execution of Buffett's strategy to buy community-oriented newspapers in small and midsize cities that provide information not available from the online sources that are threatening larger publications.
Berkshire's most recent daily newspaper pickup was the Tulsa World, in February.
In an interview with CNBC's Becky Quick at the annual shareholders meeting in May, Buffett agreed with partner Charlie Munger's take on why Berkshire has been buying into a declining industry.
BECKY: When you were explaining why you've been buying newspapers, Charlie at one point said, basically you're saying it's an exception and you like doing it.
BUFFETT: He has a way of saying things, doesn't he? (Laughs) He's right. We're not doing anything dumb in the sense that we won't get a return on them, but in terms of moving the needle at Berkshire, it will never do it.
Buffett said he expects an annual return of about 10 percent on Berkshire's newspapers.
—By CNBC's Alex Crippen