Billionaire Warren Buffett is buying newspapers so it follows that he must think the printed word is a good investment. Buffett has a reputation as being a very successful investor.
He recently bought his hometown newspaper, the Omaha World-Herald. Now he is buying 63 newspapers from Media General, a large conglomerate in the media world. It’s a $142 million deal. The deal includes the Richmond, Va., Times-Dispatch and the Winston-Salem Journal.
Buffett’s Berkshire Hathaway, Inc., company has owned the Buffalo News of New York state for many years so he’s not completely new on the newspaper scene.
Buffett told the Associated Press that even though newspapers face competition from the Internet, “they will have a decent future if they continue delivering information that can’t be found elsewhere and stop offering news online free.”
Buffett is a wise man and his record of investing proves it.