When asked whether he would consider buying more newspapers, Warren Buffett, owner of The Buffalo News, said, "For most newspapers in the United states, we would not buy them at any price. They have the possibility of going to just unending losses." This, according to the Wall Street Journal.
While mourning the loss of newspapers, even the staunchest of paper media supporters has to admit that the growth in popularity of online news sources greatly compromises advertisers willingness to invest in print media.
Charlie Munger of The Washington Post (of which Buffett is the largest shareholder), calls the demise of the newspaper industry a national tragedy, adding that a major function of daily monopoly newspapers has been to keep government honest.
See more on the topic of journalism and politics at The Huffington Post.
Image: AP Photo of Buffett