Investor Warren Buffett’s company, Berkshire Hathaway, owns more than 30 small and medium-sized newspapers. Buffett has long proclaimed his love for newspapers and his hope for the industry. But in an article by Rem Rieder in USA TODAY, he sounds a little disheartened.
“We haven’t cracked the code yet” – Warren Buffet in USA TODAY, talking about saving newspapers.
Here are Buffett quotes on the newspaper industry and where he sees things going.
“They don’t tell me as much new as three years ago, let alone 10 years ago.”
“Circulation continues to decline at a significant pace, advertising at an even faster pace.”
“The easy cutting has taken place. There’s no indication that anyone besides the national papers has found a way.”
“They are a fair amount worse off, and not one is bucking that trend, even in prosperous communities. There’s less and less in the newspaper.”
“You have to look very hard and you probably have to love newspapers.”
“In most cases there are some years left to crack the code. But we haven’t done it. Maybe (the industry) started too late.”
“We would never sell a newspaper … I want to be the last guy standing.”