Charlie Munger says newspaper industry is dying

By Jonathan Stempel

(Reuters) – Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc (N:), on Wednesday said daily newspapers “are all going to die,” as technological advances cause revenue to dry up.

Munger, 96, spoke at the annual meeting of Daily Journal Corp (O:), the Los Angeles newspaper publishing company he chairs, though he is better known for his more than four decades as a Berkshire vice chairman.

Wednesday’s meeting came two weeks after Berkshire threw in the towel on its own newspaper empire, selling 80 daily and weekly papers including its hometown Omaha World-Herald in Nebraska to Lee Enterprises Inc (N:) for $140 million.

“What’s happened is that technological change is destroying daily newspapers in America,” Munger said. “They’re all dying.”

Munger said a few newspapers, which Buffett has said include the New York Times and Wall Street Journal, will survive the shakeout.

Daily Journal’s meeting was being webcast by CNBC.

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