Warren Buffett thinks only two newspapers are certain to survive the industry’s hugely difficult climate: The Wall Street Journal and The New York Times.
The chairman and CEO of Berkshire Hathaway told CNBC’s “Squawk Box” on Monday the Times and the Journal have an “assured future” because of their proven internet model. “They have developed an online presence that people will pay for.”
“If you look, there are 1,300 daily newspapers left in the United States. (Berkshire Hathaway has) 31 of them. There were 1,700 or 1,800 not too long ago,” Buffett said. “Now, you’ve got the internet. Aside from the ones I mentioned, 1,400 or 1,300 of them haven’t figured out a way to make the digital model complement the print model.”
Buffett also said The Washington Post — which is owned by Amazon CEO Jeff Bezos — may have a chance to survive.
The Post and the Times — along with most other mainstream media outlets — are common targets of President Donald Trump, who repeatedly can’t resist lashing out at their coverage.
Fed. 24 Trump tweet: FAKE NEWS media knowingly doesn’t tell the truth. A great danger to our country. The failing @nytimes has become a joke. Likewise @CNN. Sad!
Correction: This story was revised to correct that Buffett said The New York Times and The Wall Street Journal are the only newspapers “assured” to survive the industry’s difficult climate.