Warren Buffett yesterday said the $5bn hostile bid for Dow Jones by Rupert Murdoch's News Corp was part of a trend that would see an increasing number of newspapers owned by tycoons motivated by more than financial returns.

Mr Buffett, who has a large stake in The Washington Post and owns the Buffalo News, said: "I think Rupert would acknowledge that part of his interest in the Wall Street Journal [owned by Dow Jones] goes beyond economics". Mr Murdoch's bid has been rejected by the Bancroft family, which controls Dow Jones, even though it is pitched at a premium of more than 60 per cent to Dow Jones's share price.