Buffett: 'No Thanks' on Buying Tribune Papers

Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks during an interview with Liz Claman of the Fox Business Network in Omaha, Neb., Monday, May 7, 2012.
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By JOSHUA FREED, Associated Press

Warren Buffett has been buying newspapers recently but says he's not interested in the big papers owned by Tribune Co.

Buffett spoke about his recent interest in the newspaper business on CNBC Monday. His Berkshire Hathaway will own 28 daily newspapers in small and mid-sized cities once its acquisition of the Tulsa World is complete.

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When asked if he wants to buy a batch of papers that includes the Los Angeles Times and Chicago Tribune, he says, "No thanks."

Buffett says the papers that are going to make money will be those in a tight-knit community that wants local news.

He says that even the smaller papers have smaller profit margins than most other companies that Berkshire Hathaway invests in.

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