Press Lord Summary and Analysis

Buffett became enamored with the idea of actually owning a newspaper outright. He learned that the Buffalo Evening News was for sale. Buffalo had two papers, the Courier Express being the morning and Sunday paper, the Evening News publishing six evening papers a week. Because Buffalo had a largely blue-collar population which rose and went to work early, the Evening News was the predominant weekly paper, and a long-time agreement between the owners had resulted in the Courier Express being the only Sunday paper. Thus, both papers had specific customers and profits. Buffett and friend Munger purchased the paper with the intent of running it, and their first goal was to add a Sunday edition.

Immediately, the Courier Express took Buffett and Munger to court under anti-trust laws, claiming that it was Buffett's goal to run the competition out...