Mister Warren Buffett is currently thinking about purchasing at least one of Tribune Company’s newspapers in the near future.
When on The Morning Call in Allentown Pennsylvania, Warren Buffett told them that “Allentown is our kind of place,” when he was responding to a question about whether or not Berkshire Hathaway would be interested in the daily newspaper with a circulation of 84,000.
The company Tribune is expected to sell off it’s newspaper portion of the business, which happens to include the Chicago Tribune and the Los Angeles Times, so that it can focus on its broadcasting business once it gets out of bankruptcy.
Some of the other potential companies interested in purchasing the Tribune’s newspaper business could be News Corp.’s Rupert Murdoch, Aaron Kushner from Freedom Communications and Doug Manchester of U-T San Diego.
“We haven’t heard anything from the Tribune Co. but if the phone rings, I’ll answer” said Buffett to the Morning Call.
Buffett has a fickle relationship with the newspaper industry, and during 2009 he mentioned to Berkshire Hathaway shareholders that he wouldn’t buy the majority of newspapers in the United States of America “at any price.”
But his affections for the newspaper business have changed, and he is interested in purchasing newspapers in the small to medium-sized markets. As a matter of fact, he’s been on a buying spree as of late, in which he has acquired newspaper stakes in companies like Lee Enterprises, as well as the majority of the newspapers from Media General.