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

Jonathan Gruber raps to MIT students

If you’ve been dying to see Jonathan Gruber, who credited the “stupidity of the American voter” with passing Obamacare, strip down to his undershirt and rap about economics, today is your lucky day!

Stewart mocks the Iowa Freedom Summit

Jon Stewart’s coverage of the Iowa Freedom Summit is about what you would expect—starting with his description the event: “A lot of Republicans who will never be president met this weekend,” for the “Fox News correspondent auditions.”

McCain takes on 'Sniper' bashers

Sen. John McCain is the latest person in a position of prominence to defend "American Sniper" from bashers, singling out the "obsessive critics of U.S. foreign policy" in an official statement.

Michael Moore continues on about snipers

Filmmaker Michael Moore has already stirred the pot with his negative comments about military snipers. During the weekend, somebody must've given the man an even bigger ladle.

Dropkick Murphys 'literally hate' Walker

Wisconsin Governor Scott Walker's abiding love for the Dropkick Murphys is not exactly mutual:

White House

VP Biden appears on ‘The Ellen DeGeneres Show’ to get ask young people to sign up for Obamacare
With three weeks to go until the Obamacare deadline to purchase insurance, the Obama administration is pulling out all the stops to encourage young people to sign up.  The renewed push included a stop by Vice President Joe Biden on “The Ellen DeGeneres Show” Monday so he could appeal to moms who are good at […]
Small drone crashes at White House complex, origin unclear
WASHINGTON (AP) — A small drone flying at low altitude crashed into the White House complex before dawn Monday, the Secret Service said. President Barack Obama was not at home and the White House said it did not pose a security threat. The crash prompted an immediate lockdown of the White House grounds until officials […]
WH chief of staff blurts out previously-concealed name of American hostage on live TV

All in a day's work at the White House: sometimes you keep ISIS hostage names a secret, sometimes you let them slip in an in interview on national TV.

7 Times Obama was ‘Partisan,’ Not ‘Practical’ during his State of the Union address
Near the beginning of his State of the Union address Tuesday night, President Obama promised to be “practical, not partisan” in his proposals to Congress. However, his speech ended up being anything but. From cracking jokes to outright veto threats, it was clear that the president had no interest in bipartisanship. So we decided to […]
Obama has been reminding Republicans ‘I won’ for 2,189 days

President Obama trotted out one of his favorite talking points against Republicans yet again Tuesday night, reminding the opposition party that "I won."

Congress

Boehner and McConnell critique SOTU

“Dead. Real dead.” That was House Speaker John Boehner’s verdict on President Obama’s tax proposals--and nearly every proposal from his State of the Union address, with the exception of cybersecurity, fighting ISIS, trade, and possibly the childcare tax credit.

Senate surpasses its 2014 vote total in a week
Is this what the Senate looks like without Harry Reid in charge? The new Republican-led Senate has already voted on more amendments in just one week than the Democratic-controlled Senate voted on in all of 2014. “We’ve actually reached a milestone here that I think is noteworthy for the Senate. We just cast our 15th roll-call vote […]
Whistleblowers denounce DOJ juvenile program

According to whistleblower reports, a Justice Department (DOJ) juvenile delinquency program provided grants to states jailing foster children and runaways over minor offenses like skipping school.

Gohmert: Obama 'divisive on the issue of race'

There’s a reason reporters clamored around former-House-Speaker-candidate Rep. Louie Gohmert (R-Tex.) at the State of the Union like this:

Rand Paul slams SOTU’s ‘lack of sincerity’ on NSA

Senator Rand Paul spent Wednesday morning blasting Obama’s State of the Union address, telling a roomful of conservatives at the Capitol Hill Club that “Some of the stuff, frankly, was difficult to even listen to and keep a straight face.”