Warren Buffett Says All But 3 American Newspapers Are Doomed
Warren Buffett Says All But 3 American Newspapers Are
Doomed (Video)
“It’s difficult to see how the print product survives
over time,” says Berkshire Hathaway chief exec
Jon Levine | May 7, 2018 @ 6:57 AM Last Updated: May 7,
2018 @ 8:20 AM
During a Q&A session at Berkshire Hathaway’s annual
meeting, company chief Warren Buffett said he only saw longterm success for
three American newspapers.
“No one except the Wall Street Journal, The New York
Times and now probably the Washington Post has come up with a digital product
that really in any significant way will replace the revenue that is being lost
as print newspapers lose both circulation and advertising,” said Buffett as he
fielded questions alongside longtime colleague Charlie Munger. “‘It is very
difficult to see — with a lack of success in terms of important dollars rising
from digital — it’s difficult to see how the print product survives over time.”
The legendary investor was quick to minimalize the
financial impacts to his company, but said the bigger loss was for the United
States.
“The economic significance to Berkshire is almost
negligible, but the significance to the society I think actually is enormous,”
said Buffett.
Buffett’s prediction was precipitated by a question from
former Fortune magazine journalist Carol Loomis, who noted that circulation for
the 28 newspapers Buffett purchased in 2011 had all fallen sharply.
Buffett’s latest pronouncement on the newspapers was
actually an improvement from his previous position. Earlier this year, the
billionaire told CNBC that only two newspapers had an “assured future” at that
time, leaving the Washington Post off of his list. In the months since that
appearance, Buffett’s opinion of the Jeff Bezos-owned paper has risen.
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