Warren Buffett is looking to an Arkansas publisher as a model for success in the digital age.
"The main exemplar for local newspapers is the Arkansas Democrat-Gazette, published by Walter Hussman Jr," Mr Buffett wrote in an annual letter to Berkshire shareholders, released on Friday. "Over the past decade his paper has retained its circulation far better than any other large paper in the country."
Mr Hussman's newspaper was quick to charge for stories online as the industry shifted to the internet, said Mr Buffett, Berkshire's chief executive. Advertising expenditures for print and online media in the United States have fallen every quarter since 2007, according to the Newspaper Association of America.
Local newspapers that deliver reliable information to "tightly-bound communities" with a sensible internet strategy will stay viable, Mr Buffett wrote.
* Bloomberg News