Buffett: Long-term Prospects for Papers Bleak

By: E&P Staff Warren Buffett, a self-described newspaper addict, has lost his love for the industry. The famous investor who heads Berkshire Hathaway said yesterday that long-term prospects for the newspaper industry would deteriorate because of fierce competition for advertising dollars from other outlets like the Internet, according to a Reuters story.

"The economics of newspapers in the United States are very close to certain to deteriorate over the next 10 to 20 years," Buffett said at a press conference a day after Berkshire's annual meeting with shareholders. He did say, however, that returns were still good at newspapers.

Berkshire Hathaway has an 18.1% stake in The Washington Post Co. where Buffett is also a member of the board of directors. He also owns The Buffalo (N.Y.) News.