Warren Buffett's 10 biggest holdings
Who says print is dead? Warren Buffett maintains a soft spot for newspapers, even as the industry continues to struggle and keep up with the move toward digital media. In fact, Berkshire Hathaway has acquired 28 daily newspapers at a cost of $344 million. The hometown "Omaha World-Herald," which was bought in 2011 for $150 million is one of two large papers Berkshire Hathaway operated throughout the year, along with "The Buffalo News".
Note: Both the Omaha and Buffalo papers had a 3% revenue loss for the year, which Buffett notes was "an above-average outcome." Although Buffett acknowledges the struggles of the newspaper industry — Berkshire Hathaway own papers across the U.S. — he writes that they still "reign supreme" in delivering local news. However, he also notes: "Even a sensible Internet strategy will not be able to prevent modest [cash earnings] erosion. At our cost, however, I believe these papers will meet or exceed our economic test for acquisitions."
Source: Berkshire Hathaway annual shareholder letter