NEW YORK (Bloomberg): Warren Buffett, the man behind a print-media empire that includes the Buffalo News and Omaha World-Herald, doesn’t think most newspapers can be saved. The decline of advertising gradually turned the newspaper industry "from monopoly to franchise to competitive,” the billionaire chief executive officer of Berkshire Hathaway Inc said in an interview with Yahoo Finance. The bleak outlook echoes Buffett’s remarks at last year’s annual meeting, when he lamented the state of the newspaper industry. Berkshire’s BH Media, which owns papers across the country, has been cutting jobs to cope with declining advertising revenue. Craigslist’s ImpactReaders sought out newspapers when they were packed with ads about bargains, jobs and apartments, Buffett said.

Source: The Star April 23, 2019 12:22 UTC