Newspapers were complacent says Buffett

According to Warren Buffett,the newspaper industry has only itself to blame for its current problems.

Talking to Editor and Publisher,the business guru said

"It is so easy when you've got a wonderful business," Buffett told E&P during a recent interview. "Complacency is pretty easy and it is why they weren't looking over their shoulder at what was happening."

adding that

"When the Internet came along, you gave away your product for free and charged for it in another place [print]," he says. "I'm not positive what you would have done differently, but not figuring out some kind of business model was a mistake."