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?


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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