Warren Buffett isn’t letting one troubled newspaper color his view of buying what many media experts consider the dinosaurs of the news business. Mr. Buffett said he still planned to buy newspapers, even though he recently announced that he would be shutting down one that he recently bought by the end of the year.
“I hope we have a lot more,” said Mr. Buffett about his newspaper portfolio while he attended a party Monday night for his longtime friend Carol Loomis, a writer for Fortune who recently published “Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012.”
Mr. Buffett went on a newspaper spending spreethis year by buying more than 60 newspapers from Media General and a small stake in the newspaper company Lee Enterprises, a chain of mostly small dailies based in Iowa. At the time, he stressed that he had great confidence that newspapers would continue to be solid investments for decades to come.
“I think newspapers in print form, in most of the cities and towns where they are present, will be here in 10 and 20 years,” Mr. Buffett said. “I think newspapers do a good job of serving a community where there is a lot of community interest.”