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Interesting. Warren Buffet has always gobbled up a large chunk of newspapers (albeit not directly as an individual (ala Bezos), rather, through Berkshire Hathaw
by salemh 13y ago
Interesting. Warren Buffet has always gobbled up a large chunk of newspapers (albeit not directly as an individual (ala Bezos), rather, through Berkshire Hathaway):
http://www.bloomberg.com/news/2012-07-13/buffett-poised-to-add-newspapers-as-publishers-face-slump.html http://www.bloomberg.com/news/2012-07-13/buffett-poised-to-a...
Buffett, 81, has been expanding Berkshire’s media operations in the past year as he wagers that publications focused on local communities can withstand the shift of readers and advertisers to the Internet. The billionaire’s firm bought the publisher of his hometown paper, the Omaha World-Herald Co., in December, and acquired 63 daily and weekly newspapers from Media General Inc. (MEG) for $142 million last month.
Local papers vs something larger like WaPo.
And note:
While Buffett’s firm holds the largest stake in Washington Post Co. (WPO) and has shares of Gannett Co., he said Berkshire is less likely to make more stock market investments in the industry.
- saraid216 13y agoI've always understood Buffett's purchases to be meant to reinforce local papers against consolidation.
- joonix 13y agoIt's a trendy thing amongst billionaires lately. Even in Australia they are trying it. I think there may have been a consensus of some sort made at one of the many "billionaire conferences" that happens every year.
- aridiculous 13y agoOr they recognize, as they should, the role that media plays in society. Being in the media oligarchy expands your range of influence.