Friday, June 1, 2012

Three Day Times-Pic "Unsustainable"--Warren Buffett

Billionaire Warren Buffett is questioning the wisdom of changes the New Orleans Times-Picayune newspaper plans to make this fall. Last week the Times-Picayune and three major Alabama dailies owned by the Newhouse family's Advance Publications announced plans to cut back to three printed issues a week. The newspapers will shift their focus to online news. Buffett, whose Berkshire Hathaway just bought 63 newspapers from Media General for $142 million, said he was surprised by the New Orleans announcement. "It seems to me that three days a week is simply unsustainable over the longer term. Either a publication is a newspaper or a periodical and I think three days a week crosses the line," Buffett said in his letter. More>>

Read Kevin Allman's in-depth coverage of Times-Picayune fiasco and its Staten Island-based owner's heinous crime against the city of New Orleans: Here