(March 4, 2013)--Warren Buffett has been buying newspapers recently including the Waco Tribune-Herald, but but says he's not interested in the big papers owned by Tribune Co.

Buffett spoke Monday on CNBC about his recent interest in the newspaper business.

His Berkshire Hathaway will own 28 daily newspapers in small and mid-sized cities once its acquisition of the Tulsa World is complete.

When asked if he wants to buy a batch of papers that includes the Los Angeles Times and Chicago Tribune, he said, "No thanks."

Buffett says the papers that are going to make money will be those in tight-knit communities that want local news.

He says that even the smaller papers have smaller profit margins than most other companies that Berkshire Hathaway invests in.