This copy is for personal, non-commercial use. To order presentation-ready copies for distribution you can: 1) Use the "Reprint" button found on the top and bottom of every article, 2) Visit reprints.theygsgroup.com/dailyherald.asp for samples and additional information or 3) Order a reprint of this article now.
Article updated: 3/4/2013 1:29 PM
Buffett: ‘No thanks’ on buying Tribune papers
Warren Buffett has been buying newspapers recently but says he’s not interested in the big papers owned by Tribune Co.
Buffett spoke about his recent interest in the newspaper business on CNBC Monday. His Berkshire Hathaway will own 28 daily newspapers in small and mid-sized cities once its acquisition of the Tulsa World is complete.
When asked if he wants to buy a batch of papers that includes the Los Angeles Times and Chicago Tribune, he says, “No thanks.”
Buffett says the papers that are going to make money will be those in a tight-knit community that wants local news.
He says that even the smaller papers have smaller profit margins than most other companies that Berkshire Hathaway invests in.
Copyright © 2013 Paddock Publications, Inc. All rights reserved.