When two of the richest men in history, Warren Buffett and Carlos Slim, are investing in newspapers around the globe, it makes plenty of headlines for the financial world. But that is exactly what is happening as Carlos Slim -- best known as the mogul behind leading Latin telecom carrier America Movil ( AMV , quote ) -- makes investments in The New York Times Co. ( NYT , quote ), which operates The New York Times, The International Herald Tribune and The Boston Globe .
Warren Buffett just bought the Omaha World-Herald Company.
Buffett, the "Oracle of Omaha," lives in Omaha and his first investment in a newspaper was the purchase of the Omaha Sun in 1969.
Other newspaper investments of Warren Buffett's through Berkshire Hathaway ( BRK-A , quote ) include The Buffalo News and The Washington Post ( WPO , quote ).
While the Omaha World-Herald is one of five newspapers that Warren Buffett reads daily, there was nothing sentimental or loyal to his hometown read in the purchase, according to an article in the Financial Times by Dan McCrum.
Buffett stated that, "The World-Herald delivers solid profits and is one of the best-run newspapers and we are pleased to have (CEO) Terry Kroeger and his team join Berkshire Hathaway."
This is another investment by Warren Buffett that manifests his confidence in the American economy and its ability to rebound from not only the 2008-9 credit crisis but whatever lies ahead.
Many investors have bought newspapers, but unlike private equity groups, Carlos Slim and Warren Buffett are looking at long-term holds. After all, Warren Buffett has been quoted as saying that, "Long term is forever."
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
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