Daniel Zuchnik | WireImage | Getty PhotosWarren Buffett, a life-long newspaper fan and booster, is giving up on his wager that native information w
Daniel Zuchnik | WireImage | Getty Photos
Warren Buffett, a life-long newspaper fan and booster, is giving up on his wager that native information would assist defend papers in small to medium-sized cities.
Berkshire Hathaway is selling its 31 newspapers to Lee Enterprises for $140 million in money.
The deal contains Buffett’s home-town every day, The Omaha World-Herald, and The Buffalo Information, a longtime Berkshire property.
After telling shareholders in 2009 that “endless losses” have been potential for some newspapers, and predicting Berkshire wouldn’t purchase “at any price,” Buffett modified his thoughts just some years later.
Berkshire purchased dozens of small every day and weekly newspapers, mostly through a $142 million deal with Media General in 2012.
In a 2013 “Squawk Box“ interview, Buffett acknowledged that newspapers have been in bother as they confronted robust competitors from web information sources. However, he mentioned, big-city newspapers were in a lot more trouble than smaller papers.
“The local people paper is absolutely indispensable to the folks of the neighborhood,” Buffett mentioned.
He known as native papers a “good enterprise at present,” however a “declining” enterprise. “The speed of decline will depend upon how indispensable we make ourselves,” he mentioned.
Buffett’s love of newspapers goes manner again. He delivered The Washington Put up as a baby, purchased a really worthwhile Put up stake within the 1970s, had a…