AbstractThe Einstein‐Podolsky‐Rosen paradox (1935) is reexamined in the light of Shannon's information theory (1948). The EPR argument did not take into account that the observers' information was localized, like any other physical object. General relativity introduces new problems: there are horizons which act as on‐way membranes for the propagation of quantum information, in particular black holes which act like sinks.