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Buffett said the newspapers it is buying from Media General, which include the Richmond Times-Dispatch in Virginia and the Winston-Salem Journal in North Carolina, have been successful on both the business and journalistic fronts. He said that’s also true of the newspapers Berkshire Hathaway already owns in the Omaha World-Herald Co. and the Buffalo News.

But Buffett said he believes all newspapers need to quit offering their product free online.

“The original instinct of newspapers then was to offer free in digital form what they were charging for in print,” Buffett wrote. “This is an unsustainable model and certain of our papers are already making progress in moving to something that makes more sense.”

Buffett said he believes newspapers will do well if they remain the primary source of information about their communities.

“It’s your job to make your paper indispensable to anyone who cares about what is going on in your city or town,” he said.

Berkshire owns clothing, insurance, furniture, utility, jewelry and corporate jet companies. It also has big investments in companies including Coca-Cola Co., IBM Corp. and Wells Fargo & Co.

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Online:

Berkshire Hathaway Inc.: http://www.berkshirehathaway.com

Buffett’s letter: http://bit.ly/LuVJ0a