OMAHA, Nebraska, May 2 (Reuters) - Warren Buffett said on Sunday the long-term prospects for the newspaper industry would deteriorate because of fierce competition from other outlets for advertising dollars, such as the Internet.
Buffett's holding company Berkshire Hathaway Inc. (BRKa.N: Quote, Profile, Research) has an 18.1 percent stake in Washington Post Co. (WPO.N: Quote, Profile, Research) , where Buffett is a longtime member of the board of directors. Berkshire also owns The Buffalo News.
"The economics of newspapers in the United states are very close to certain to deteriorate over the next 10 to 20 years," Buffett said at a press conference a day after Berkshire's annual meeting with shareholders.
He did qualify his statement by saying that returns were still good at newspapers.
Though he is a self-described newspaper addict, Buffett said that the print media has lost importance and that he doesn't see anything reversing the trend.
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