Warren Buffett Seeks to Reinvent Print Media

Warren Buffett recently sent out a letter to Berkshire Hathaway’s most recently acquired employees from the purchase of Berkshire’s 63 new newspapers.

Buffett’s new media empire was first reported last Friday, as Media General looks to unload most of its newspaper operations on Berkshire.

The sale included newspapers such as the Richmond Times-Dispatch (Virginia), the Winston-Salem Journal (North Carolina) and the Morning News of Florence (South Carolina).

In the letter, Buffett informs Berkshire employees and editors that they need to start rethinking the industry.  He also criticized the initial role of newspapers online.

“The original instinct of newspapers then was to offer free in digital form what they were charging for in print. This is an unsustainable model and certain of our papers are already making progress in moving to something that makes more sense.”

Buffett stated the reason specific newspapers were selected for purchase was because they were seen as exceptionally important to their communities and that Berkshire wanted to keep a very strong “local” element in their news empire.

Buffett has said that only the newspapers that deliver the most local, exclusive content will be able to thrive in the future.

“Berkshire will probably purchase more papers in the next few years. We will favor towns and cities with a strong sense of community, comparable to the 26 in which we will soon operate. If a citizenry cares little about its community, it will eventually care little about its newspaper.”

Buffett also tried to smooth over any concerns employees might have with Berkshire’s sudden buy-out of the newspapers. He reassured them that “Berkshire buys for keeps.”

Buffett said he personally loves the daily newspapers. “I read five newspapers daily. Call me an addict.”

Buffett announced that Berkshire would most likely be purchasing more newspapers in the coming years.

Comments

Jimmy Kimmel 'censors' Obama

Thanks to some mischievous editing from Jimmy Kimmel, these originally innocent TV clips will put your mind straight in the gutter.

Jon Stewart: Fox News is 'killing' him

As his days on the Daily Show wind down, Jon Stewart wants to make sure we are all aware how much he really, really hates Fox News.

Jay Carney is going to work for Amazon

Imagining an Amazon customer service call with Jay Carney on the line.

Ron Swanson, libertarian visionary

We're sad to say that "Parks and Rec" has aired its finale episode, leaving a Pawnee-shaped hole in our hearts.

Jon Stewart defends Bill O'Reilly

Bill O’Reilly, whom a Mother Jones report has accused of Brian-Williams-like war reporting exaggerations, has an unlikely defender: his long-time sparring partner, Jon Stewart.

White House

Calling for cooperation, Obama engages in confrontation

WASHINGTON (AP) — Amid appeals for bipartisanship, President Barack Obama in just three days has provoked Republicans on issues as disparate as immigration, Wall Street and the Keystone XL pipeline — a combative mix of defense and offense that underscores Washington's political realignment.

It’s on: Obama follows through and vetoes Keystone pipeline

Defying the Republican-run Congress, President Barack Obama rejected a bill Tuesday to approve construction of the Keystone XL oil pipeline, wielding his veto power for only the third time in his presidency.

Biden: The middle class is ‘being killed,’ in worse shape than any time since the ’20s

Joe Biden—everyone’s favorite creeper and truth-bomb-dropper.

MSNBC Host: Obama’s terrorism summit is a ‘dog and pony show’
You know it’s bad when President Obama has even lost the support of MSNBC. MSNBC Host Andrea Mitchell basically called the White House’s Summit on “Countering Violent Extremism” a farce during her show Wednesday. “Here he has the summit, no heads of government coming, the participation has not been at a particularly high level. We’ll have […]
Obama assures ‘almost complete confidence’ there have been no NSA abuses

The president’s interview with Re/code over the weekend touched on privacy issues, with Obama insisting with “almost complete confidence” that there have been no abuses of the government’s vast surveillance program.

Congress

Rand Paul calls on Hillary to retire

Rand Paul’s speech at CPAC Friday felt a lot like a campaign rally—and the crowd left little room to doubt that they wanted it that way, breaking out into chants of “President Paul! President Paul!” at least three times over the course of his remarks.

Cruz: Obama, Carter similarities 'uncanny'
Sen. Ted Cruz (R-Texas) has his sights set on 2016, but he is not very optimistic about what will happen both at home and abroad in the mean time. Cruz laid out his predictions for the direction he believes President Obama is leading the country in during a round table event with reporters and bloggers […]
Cruz calls Lynch vote 'heartbreaking'
Loretta Lynch won approval from a key Senate committee Thursday to serve as the nation’s next attorney general, as divided Republicans clashed over her support for President Barack Obama’s immigration policies. The 12 to 8 vote in the Judiciary Committee sent Lynch’s nomination to the full Senate. Three Republicans joined all committee Democrats in voting “yes.” […]
It's Warren 2015, not '16

There seems to be a lot of talk about political "branding" lately. Allow Elizabeth Warren to take a crack at it.

Rand Paul calls Giuliani comments

Rand Paul pushed back on Rudy Giuliani’s controversial comments about Obama’s lack of patriotism, saying he prefers to question policy rather than motive.