“Allentown is our kind of place,” Warren Buffett said when asked if he might buy Tribune’s Morning Call. “We haven’t heard anything from the Tribune Co., but if the phone rings I’ll answer.” A Morning Call reporter asked Buffett what he sees in the paper. “Let’s just wait until I get a call [from Tribune],” he said.
Newspaper analyst John Morton tells the Allentown paper’s Sam Kennedy:
The only reason Buffett has been interested in newspapers is that they got so cheap so quickly. When you get the prices as low as they are now, newspapers in the smaller communities have enough cash flow to make it an interesting investment. He has become convinced of that.
In Baltimore, businessman David S. Cordish is considering buying Tribune Co.’s Sun. Cordish, owner of entertainment and real estate development firm Cordish Cos., says he’s a newspaper guy who reads at least five a day.
“The paper very much needs to be in the hands of local ownership,” he writes in an email to Sun reporter Jamie Smith Hopkins. “We would be interested. … The City and Region MUST have a strong vibrant paper of its own.” (Here’s the Sun’s past coverage of Cordish Cos.)
The Sun says its calls to Buffett’s Berkshire Hathaway weren’t returned on Wednesday and Thursday.