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Buffett Says He Passed On Buying Washington Post

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Investor Warren Buffett says he didn't buy the Washington Post because he didn't want it to be a burden on his company or family. (credit: NICHOLAS KAMM/AFP/Getty Images)

Investor Warren Buffett says he didn’t buy the Washington Post because he didn’t want it to be a burden on his company or family. (credit: NICHOLAS KAMM/AFP/Getty Images)

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OMAHA, Neb. (AP) — Investor Warren Buffett says he didn’t buy the Washington Post because he didn’t want it to be a burden on his company or family.

Buffett’s Berkshire Hathaway Inc. conglomerate was the largest Washington Post Co. shareholder before it was sold to Amazon CEO Jeff Bezos, so it makes sense Buffett thought about it.

But Buffett told Fortune magazine he only briefly considered buying the Post because he didn’t want to saddle Berkshire’s next CEO or his children with a metro newspaper.

Berkshire owns 31 small and medium-sized daily newspapers that Buffett bought.

Buffett didn’t go into detail about why he passed on the Post. But he has said in the past that he believes smaller papers will fare better because they remain the primary source of information about their communities.

 (© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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