Buffett: Dow Jones Bid Not High

"I don't blame the dual-class structure for anyone's losses at the New York Times," said Buffett, referring to the stock's 50% slide over the last four years.

He attributed the recent weak performance of the newspaper industry to the ongoing technological changes in the media wrought by the rise of the Internet and other digital technologies, along with the accompanying cultural changes.

Buffett predicted the next generation of newspaper owners will likely be motivated by the political and social influence that those assets wield as opposed to the economic rewards that they bestow.

"The truth is, the world has changed in a significant way," he said.