Warren Buffett on the future of newspapers:
Buffett and [Robin-like sidekick Charlie] Munger were surprisingly bearish on newspapers, a major investment for Berkshire through its large stake in the Washington Post Co. and its outright ownership of the Buffalo News.
After saying that he and Munger are “newspaper addicts” and that “it’s still an unusually good business,” Buffett struck a somber note.
“The economics of newspapers are very, very close to certain to deteriorate over the next 10-20 years,” he warned. “I see nothing that will turn around the erosion from both the circulation and advertising standpoints.”
Yay!
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Joshua Benton is the director of the Nieman Journalism Lab at Harvard University, among other things. Before that, he was a staff writer and columnist for The Dallas Morning News. (More.)
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