Redstone: No Faith in Newspapers

Redstone also swore off investment in the struggling newspaper industry, which has been pummeled by closures, layoffs and losses.

“The newspaper is dying. I’m not sure there will be newspapers and its one business I’d never be in,” he said, taking a swipe at rival mogul Rupert Murdoch, whose News Corp bought the Wall Street Journal.

“Murdoch paid too much for the Wall Street Journal even when he didn’t have any competition,” he said.

“The reason we have not gone to newspapers is because its a slow growth industry and I think they are dying. I’m not sure there will be newspapers in 10 years. I read newspapers every day. I even read Murdoch’s Wall Street Journal.”

Read the whole Reuters article here.

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