Berkshire Hathaway and Lee Enterprises say Lee is taking over managing Berkshire Hathaway’s newspaper and digital operations in 30 markets.

The companies announced Tuesday that the five-year management agreement between Lee and BH Media Group begins July 2.

Lee president Kevin Mowbray says Lee will receive an annual fixed fee of $5 million plus a significant percentage of profits over benchmarks.

The contract excludes management of BH Media’s television assets.

Berkshire’s billionaire investor chairman Warren Buffett said that, “although the challenges in publishing are clear, I believe we can benefit by joining efforts.”

BH Media properties include the Omaha World-Herald and Winston-Salem Journal in North Carolina. Lee’s include the St. Louis Post-Dispatch and the Lincoln (Nebraska) Journal Star.

BH Media is based in Nebraska and Lee is based in Iowa.