8:10AM Monday May 04, 2009
From my neck of the woods, New Zealand, even if it is the Assoc Press.
Businessman Warren Buffett has a dim view about the future of the newspaper industry. He says his company would not invest in newspapers at any price.
Buffett actually started his business career as a paper boy delivering newspapers and went on to lead hugely successful investment company Berkshire Hathaway.
He still owns the Buffalo News, which he bought in the 1970s. He also has a substantial investment in the Washington Post. But now he doesn't seem to have the same opinion about the industry.
He responded to a question at the annual Berkshire Hathaway shareholder meeting yesterday on whether he plans to invest in newspapers in the future.
Buffett said "no".
"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."
He said newspapers were essential once, so they were essential to advertisers; but now the same news is available on the internet, so as a result there is a considerable drop in advertising revenues for the industry.
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