Buffett bullish on newspapers
May 24, 2012 8:02PM
Updated: July 3, 2012 9:58AM
Warren Buffett says his company is likely to buy more newspapers in the next few years, and Berkshire Hathaway will not try to influence the editorial policies of any of them.
Buffett wrote a memo this week to the editors and publishers of all of Berkshire’s daily newspapers. That group is about to grow to include 26 daily newspapers because Berkshire announced last week that it plans to buy 63 newspapers from Media General Inc. for $142 million.
The letter was posted online Thursday by the Omaha World-Herald, which is a Berkshire newspaper. Buffett’s assistant didn’t immediately respond to an inquiry about the letter Thursday.
Buffett said Berkshire will look to buy small to mid-sized newspapers that cover their communities well.
Long-term mortgages hit new low
The average U.S. rate for a 30-year fixed mortgage fell to a record low for a fourth straight week. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dipped to 3.78 percent. That’s down from 3.79 percent last week and the lowest since long-term mortgages began in the 1950s. The average rate on 15-year fixed mortgage held steady at 3.04 percent.