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Warren Buffett bullish on newspaper’s future

Warren Buffett

From the New York Times:

Mr. Buffett went on a newspaper spending spree this year by buying more than 60 newspapers from Media General and a small stake in the newspaper company Lee Enterprises, a chain of mostly small dailies based in Iowa. At the time, he stressed that he had great confidence that newspapers would continue to be solid investments for decades to come.

“I think newspapers in print form, in most of the cities and towns where they are present, will be here in 10 and 20 years,” Mr. Buffett said. “I think newspapers do a good job of serving a community where there is a lot of community interest.”

Buffett has purchased 63 papers and a 3% stake in Lee Enterprises.

Community Comments

#1 Mike Peterson
@ 1:48 pm

” Mr. Buffett has moved aggressively into the business, buying 63 papers and revealing a 3 percent stake in Lee Enterprises, a chain of mostly small dailies based in Iowa. ”

.. and which happens to also be the fourth largest chain in the country, but why clutter a story with perspective?

Good old Gray Lady, proving the truth of Steinberg’s New Yorker cover at least three times a week.

That said, it’s interesting to note that Buffett’s own paper is given what it needs to attain that monster penetration rate. Meanwhile, his followers got the “buy newspapers” part back in the mid-90s when he touched off the acquisition fad, but the “keep them viable” part didn’t sink in.

#2 Brian Fairrington
@ 2:10 pm

Advice coming from an 83 year old man who has no investments in anything related to the internet…who woulda thunk?

#3 Donald Rex Jr.
@ 5:09 pm

The internet only costs me money. But little enough.

#4 Mike McKeenan
@ 7:35 pm

Good one, Farrington! The old coot doesn’t know nothing about business like us here on the ol’ Web!

#5 Mike Peterson
@ 6:36 am

What on earth can you invest in that is not related to the Internet? His own paper has a website. Even Trappist monasteries have websites.

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