I believe he thinks that old media is mostly dead, or at least a rather poor investment (cigar butt at best, but they're not doing cigar butt for decades). And

I believe he thinks that old media is mostly dead, or at least a rather poor investment (cigar butt at best, but they're not doing cigar butt for decades). And he's focused only on his fiduciary duty towards shareholders, whom he calls partners, not the world at large. Someone like Seth Klarman may buy those if they get into deep distress. If it happened it would probably be via senior bonds and chapter 11.