From Bloomberg, April 23:
World has changed hugely,’ billionaire tells Yahoo Finance
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He sees a few papers surviving, such as the New York Times
Warren Buffett,
the man behind a print-media empire that includes the Buffalo News and
Omaha World-Herald, doesn’t think most newspapers can be saved.
The
decline of advertising gradually turned the newspaper industry “from
monopoly to franchise to competitive,” the billionaire chief executive
officer of Berkshire Hathaway Inc. said in an interview with Yahoo Finance. And now most newspapers are “toast.”
“The
world has changed hugely,” Buffett said in the interview with Yahoo
Finance, which will serve as the livestream host for Berkshire’s
shareholder meeting.
The bleak outlook echoes Buffett’s remarks at last year’s annual meeting, when he lamented the state of the newspaper industry. Berkshire’s BH Media, which owns papers across the country, has been cutting jobs to cope with declining advertising revenue.
Berkshire struck a deal last year for Lee Enterprises Inc., which owns papers including the St. Louis Post-Dispatch, to manage its newspapers and digital operations in 30 markets....
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