Even with the bad news this week that daily newspapers in New Orleans, Mobile, Birmingham and Huntsville all will reduce their publications to three days a week, there was more good news out of the Warren Buffet camp.
Buffett says his company is likely to buy more newspapers in the next few years, and Berkshire Hathaway will not try to influence the editorial policies of any of them.
Buffett wrote a memo this week to the editors and publishers of all of Berkshire’s daily newspapers. That group is about to get significantly larger because Berkshire announced last week that it plans to buy 63 newspapers from Media General Inc. for $142 million.
The letter was posted online Thursday by the Omaha World-Herald, which is a Berkshire newspaper.
My view is that Buffett rarely makes poor business decisions, particularly on this scale.
So, if Buffett is betting on the newspaper business, so should most others.