"For most newspapers in the United States, we would not buy them at any price...They have the possibility of nearly unending losses. ... I do not see anything on the horizon that sees that erosion coming to an end." — Warren Buffett at Berkshire Hathaway annual meeting, 2009, as reported by Reuters.
"Berkshire Hathaway Inc. Chairman and CEO Warren Buffett and Terry Kroeger, CEO of the Omaha World-Herald Company, owner of The World-Herald, six other daily newspapers and several weekly newspapers across Nebraska and Southwest Iowa announced that Berkshire will acquire the Omaha World-Herald Company. ...In addition to the Omaha World-Herald, the purchase includes daily newspapers in Council Bluffs, Ia., Grand Island, York, Kearney, North Platte and Scottsbluff in Nebraska, in addition to many weeklies and shoppers in the two states." — Berkshire Hathaway press release, November 30, 2011.
I guess the most important word in Mr. Buffett's 2009 comment was "most."
