Buffett offers bleak outlook for U.S. newspapers

5 05 2009

Warren BuffettFrom Reuters:

“For most newspapers in the United States, we would not buy them at any price,” Buffett said. “They have the possibility of nearly unending losses. … I do not see anything on the horizon that sees that erosion coming to an end.”

Charlie Munger, Berkshire’s vice chairman, called the decline of the newspaper industry “a national tragedy.”

“What replaces it will not be as desirable as what we are losing,” he said.

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