Warren Buffett is going to Atlantic City, N.J., with his growing wager that community-oriented newspapers in small- to medium-sized cities can survive and even prosper in the Internet age.
The seller is Abarta, a family-owned holding company based in Pittsburgh that's owned the newspaper since 1951.
The price was not disclosed.
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.
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.