Buffett Calls Allentown ‘Our Kind of Place’ for Newspaper Deal

Friday, 14 Dec 2012 10:44 AM

 

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Dec. 14 (Bloomberg) -- Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., told the Allentown Morning Call that the Pennsylvania community is “our kind of place” for investing in a newspaper.

Buffett, who has spent more than $340 million on 80 newspapers, was asked by the publication if he would consider purchasing it. The Morning Call is owned by Tribune Co., which may put dailies up for sale as the company emerges from bankruptcy, people familiar with the matter said this week.

“We haven’t heard anything from the Tribune Co.,” Buffett told the Morning Call after the newspaper e-mailed him an inquiry. “But if the phone rings, I’ll answer.”

Buffett has said he targets newspapers in towns where there is a sense of community. The newspaper industry is facing shrinking demand for print advertising, declining circulation and encroachment from Internet companies such as Google Inc. and Facebook Inc.

Buffett didn’t return a message left by Bloomberg News with an assistant seeking comment. Gary Weitman, a spokesman for Chicago-based Tribune Co., declined to comment.

--Editors: Dan Kraut, Steven Crabill

To contact the reporter on this story: Noah Buhayar in New York at nbuhayar@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

© Copyright 2014 Bloomberg News. All rights reserved.

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