Posted: Jun 1, 2012 5:18 PM by AP/photo courtesy of New Orleans Times-Picayune
Updated: Jun 1, 2012 5:18 PM
OMAHA, Neb. (AP) - Billionaire Warren Buffett is questioning the wisdom of changes the New Orleans Times-Picayune newspaper plans to make this fall.
Last week the Times-Picayune and three major Alabama dailies owned by the Newhouse family's Advance Publications announced plans to cut back to three printed issues a week. The newspapers will shift its focus to online news.
Buffett, whose Berkshire Hathaway just bought 63 newspapers from Media General for $142 million, says he was surprised by the New Orleans announcement.
Buffett says publishing a newspaper three days a week seems "simply unsustainable over the longer term."
New Orleans musician Evan Christopher says Buffett's reaction is in response to an open letter he wrote to Buffett about the changes.