The richest man in the world, Warren Buffet, has said that he wouldn’t invest in most newspaper groups today at any price.
Speaking at the annual meeting of his company Berkshire Hathaway, he said:
“Most newspapers in the United States we would not touch at any price. They have the possibility of unending losses. Thirty years ago they were an essential business if you wanted to learn sports scores, news, etc. They were only essential to the advertiser as long as they were essential to the reader. That’s changing. It’s changing every day and I don’t see anything on the horizon that causes that erosion to end.”