Print-lov­ing Buf­fett ready to buy more news­pa­pers

The China Post - - WORLD BUSINESS -

Print- lov­ing U. S. bil­lion­aire in­vestor War­ren Buf­fett says he is ready to buy more news­pa­pers de­spite con­cerns about fall­ing advertising rev­enues and the move to­ward online con­tent.

The 84- year- old head of Berk­shire Hath­away, one of the world’s rich­est men and one of its sharpest in­vestors, has over the past few years snapped up dozens of pa­pers in the United States, mostly in small- town Amer­ica.

A for­mer paper­boy, he re­mains a big fan of print and reads five news­pa­pers ev­ery day, although they are only a small part of his con­glom­er­ate’s port­fo­lio.

“I will be the last guy in the U. S. read­ing a news­pa­per,” he told The Aus­tralian broad­sheet, which is owned by media mogul Ru­pert Mur­doch, in an in­ter­view pub­lished Wed­nes­day.

“If the right news­pa­per came along and the price was right, I’d buy it to­mor­row.”

Buf­fett has pre­vi­ously ex­plained that de­spite doom and gloom sur­round­ing the print in­dus­try, he be­lieves there will al­ways be a place for lo­cal pa­pers pro­duc­ing news that en­gages the com­mu­nity.

“The trend is against us but ... our pa­pers are all do­ing well fi­nan­cially now, I think, but not as well as they were five years ago,” he said, adding that they still stacked up as in­vest­ments.

“I’m a throw­back, I guess, but I bought these pa­pers know­ing that cir­cu­la­tion is suf­fer­ing, ads are suf­fer­ing and we will be news­pa­per own­ers to the bit­ter end.”

While re­tain­ing con­fi­dence in lo­cal con­tent, he also pre­dicted premier ti­tles such as The Wall Street Jour­nal and the New York Times would sur­vive in print form be­cause “there are just enough peo­ple who are go­ing to want to read out­stand­ing na­tional news­pa­pers.”

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