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