Buffett will hang on to Buffalo News
Posted on 15. May, 2009 by Admin in Warren Buffett News
Via: Business First of Buffalo
Despite continued advertising and circulation erosion in the newspaper industry Warren Buffett said Berkshire Hathaway Inc. will maintain ownership of The Buffalo News.
Asked about the possibility of adding other newspapers at a time when the industry is in steep decline, Buffett responded, “We’ll never give them up. For most papers in the United States, we would not buy them at any price. They have the possibility of going to unending losses.”The circulation decline at The Buffalo News was below the average decline nationally, which indicated a 7 percent drop for 395 newspapers, according to ABC’s data.
“The erosion has accelerated dramatically,” Buffett said of problems in the newspaper business. “They were only essential to advertisers as long as essential to reader, and that is changing.
Click here for the complete article
If you enjoyed this post, make sure you subscribe to my RSS feed!
