Posted on 05/02/2009 11:53:33 AM PDT by abb
U.S. newspaper businesses face the possibility of "unending losses" and Berkshire Hathaway wouldn't invest in the industry "at any price," Chairman Warren Buffett told shareholders on Saturday.
"They were the ultimate business 30 or 40 years ago," Buffett explained at the company's annual meeting. "They lost their essential nature."
Berkshire owns a large stake in the Washington Post Co. (WPO) and owns the Buffalo News.
The Buffalo News is trying to develop a business model that allows it to make a little money, with the help of its unions, Buffett said.
The Washington Post has other attractive businesses, but it "does not have answers to the problems of the newspaper business," Buffett added.
Still, Berkshire won't sell its newspaper businesses and investments, Buffett noted, citing the company's promise to hold investments over the long term.
(Excerpt) Read more at marketwatch.com ...
ping
http://www.bostonherald.com/news/regional/view.bg?articleid=1169468
Globe gets reprieve
http://www.boston.com/business/articles/2009/05/02/globe_shutdown_deadline_extended/
Globe shutdown deadline extended
http://www.columbian.com/article/20090501/NEWS02/705029992
Columbian seeks Chapter 11 bankruptcy protection
While reading Warren’s biography... Snowball... we find out that Warren made his seed money delivering newspapers in Washington D.C. as a boy...
Not to be forgotten ever since Buffett elbowed into the WarshPost they’ve been decidedly anti-semitic.
What do you mean we already give it to you now, for free?
Almost two weeks ago, a House committee had this hearing. Doesn’t look good for Uncle Sugar coming up with any money...
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/21/AR2009042103716_pf.html
In Congress, No Love Lost for Newspapers
Its too bad there aren’t any super rich Freepers. I think conservatives are ripe to support a local paper. Maybe we could start a weekly and find out, our local paper is $1 a day and $2 on Sundays... I would pay a buck for a small conservative weekly, would anyone else?
Thanks to the Internet, they lost the pretense of objectivity and the monopoly on news. Their essential nature was a facade of objectivity, and that is gone forever. Amazingly, reporters think it was worth it, and they believe it is still worth it to put their last few issues out with "All the Bias that Fits, We Print".
Thank you for the good news for the weekend. This recession has it’s silver lining.
The internet also made their delivery system obsolete.
The New York Sun was an attempt at a conservative, ‘quality’ newspaper. I loved it, but it didn’t work, alas.
To say nothing of their sanity, integrity and credibility.
HA!!
GMTA.
As if Buffet's some kind of expert.
Buffoon Buffet really ought stick to tilting at windmills
Going down with the ship? Just to prove a point? Not very bright.
Delivery of news by electronic means is faster, cheaper, and broader than print. It's apparent that people of all political stripes are turning to computers and mobile phones to get their news.
Reuters piling on. ;)
Buffett offers bleak outlook for U.S. newspapers
http://www.freerepublic.com/focus/f-news/2242926/posts
Berkshire also has a substantial investment in the Washington Post Co. He said the company has a solid cable business, a good reason to hold onto it, but its newspaper business is in trouble.Here's some red meat for all the b@st@rds out there who "get off" on watching fishwrap liveblog its own death. LOL.
Berkshire Hathaway Liveblogging: "Unending Losses" for Newspapers
May 2 2009 by Megan McArdle
Up here in the plushly appointed press box, patrolled by grim looking security guards, the members of the press are paying varying levels of attention to the questions. In part, that's because some of the questions aren't really that relevant to most business journalists, whose editors are not panting to hear what Warren Buffett thinks about promoting the principles of value investing among today's young people. Other questions are only relevant to a few peoples' beats.
Besides, the shareholder meeting is, as these meetings go, very, very long. Press registration started at 6:30 pm, the movie began playing at 8:30 am, the Q&A has been going on for several hours, and well, there's a buffet. A really nice buffet, with little biscuits and three kinds of meat and all the soda you can drink.
But the minute Buffett was asked about newspapers, everyone in the place was as attentive as a doberman on high-dose Adderall. Finally, Warren Buffett takes on the world's most important topic!
Sadly, what Warren had to say wasn't particularly novel: newspapers are in big, bad trouble.
[Buffet quote snipped]
Yes, folks, you've just lashed yourselves to the rail of the Titanic. But at least there's a buffet on the promenade deck.
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