Berkshire Hathaway Inc., the investment company run by billionaire Warren Buffett, on Tuesday said it was buying Business Wire, a privately held distributor of press releases, for an undisclosed amount.

Business Wire, which is based in San Francisco, will operate as a wholly owned subsidiary of Berkshire Hathaway.

Business Wire competes with PR Newswire to distribute company regulatory filings and press releases to investors and the news media.

Business Wire and Berkshire Hathaway said they expected the deal to close in the first quarter of the year.

Berkshire said Business Wire’s management team would remain in place, and day-to-day operations would not be affected by the acquisition.