When asked if he would consider investing in newspapers, Warren Buffet replied that due to newspapers "possibility of going to just unending losses" he "would not buy them at any price," The Wall Street Journal reported.

While Buffet seemed confident in his share of the Washington Post Co., due to its strong cable business, he didn't deny that its newspaper branch is struggling.

Buffet attributed the problems facing the newspaper industry to the fact that daily printed editions have become less popular among readers who consult sources such as the Internet for their news, and are therefore, less interesting to advertisers as well, the Wall Street Journal reported.

"Twenty, thirty years ago, they were a product that had pricing power that was essential," said Buffett, according to the Economic Times. "They have lost that essential nature."