Warren Buffett predicts decline of newspapers will continue
OMAHA, Neb. (AP) — Investor Warren Buffett says he expects newspapers to continue declining except for a handful of national papers such as the New York Times and Wall Street Journal.
Buffett told Yahoo Finance that newspapers aren’t nearly as essential today because readers can easily find out about the latest news or sports before the newspaper arrives.
Buffett has insight into newspapers because he’s a lifelong fan of them and his company owns a group of more than two dozen small and medium-sized newspapers.
Buffett’s pessimistic outlook for newspapers is similar to what he told Berkshire Hathaway shareholders last year. The 88-year-old CEO is getting ready for this year’s annual meeting, which draws more than 40,000 to Omaha.
Buffett talked to Yahoo Finance because the site will webcast Berkshire’s meeting on May 4.