Buffett fights a paper bagging

Warren Buffett's $142 million newspaper buying spree runs counter to intuitive wisdom about the sector's prospects for profit. So what's behind his play?

SmartCompany

The headline on the Washington Post says it all: "Warren Buffett buys newspapers. Is he nuts?"

Overnight, Buffett’s investment vehicle Berkshire Hathaway announced it would spend $142 million to buy 63 daily and weekly newspapers from a company called Media General Inc.

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