“An economic franchise arises from a product or service that: (1) is needed or desired; (2) is thought by its customers to have no close substitute and; (3) is not subject to price regulation. The existence of all three conditions will be demonstrated by a company's ability to regularly price its pro…”— Warren Buffett, berkshirehathaway.comTagged: Business Experts, Monopoly, Warren Buffett, The Present Of Media, Warren Buffett On Media Companies