Warren Buffett says “it blows your mind how fast” the newspaper industry is losing ground.
Asked about his views on the struggling industry, which has seen a rising trend of diminishing revenues and distribution in recent years, the investor said he believes “the math is really tough,” The Wall Street Journal reported.
He says one reason is that about 75 percent of all newspaper’s revenues came from advertisers. With competitors such as Google and online ad sites such as Craigslist (Buffett didn’t actually names these companies), newspapers are seeing their ad base rapidly dwindle.
Buffett knows his newspapers. One of his first jobs was delivering newspapers in Omaha, and even helped deliver a Pulitzer Prize for a local Sun Newspapers of Omaha in the 1970s.
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