Buffett: Web bleeds paper profits

Posted Monday, May 7, 2001 12:00 am

By: Lucia Moses Investment guru Warren Buffett has renewed his prediction that hard times are ahead for newspapers as more readers turn to crawling the Web as a cheap, accessible way to get the news, The Associated Press reported.
Speaking the day after his April 28 annual shareholders' meeting in Omaha, Neb., Buffett, whose Berkshire Hathaway Inc. owns The Buffalo (N.Y.) News and about 18% of the Washington Post Co., also worried that newspapers are losing -- and will lose -- advertising dollars to the Internet.
Around this time last year, the "Sage of Omaha" was quoted by USA Today as saying: "I love newspapers. ... I mean, I read them and read them and read them, and I love it. But that isn't the way the world is going."

(Editor & Publisher Web Site: http://www.editorandpublisher.com)
(copyright: Editor & Publisher May 7, 2001)

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Buffett: Web bleeds paper profits

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