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

Jon Stewart mocks Netanyahu

Jon Stewart spent a good deal of time Tuesday evening bashing Israeli Prime Minister Benjamin Netanyahu’s controversial speech before Congress, saying sarcastically, “Even though Netanyahu was speaking only two weeks before the Israeli elections, he wasn’t there just to use our Congress as the most elaborate campaign commercial background ever.”

Stewart calls House GOP 'turds'

Jon Stewart was looking forward to the end of congressional gridlock now that Republicans control both houses.

John Oliver gloats over net neutrality

John Oliver, who once spurred his followers to crash the FCC’s website demanding net neutrality, is positively gleeful over the news that the agency has approved rules to regulate the internet like a public utility.

Biden jokes about his creepy photos

Remember that time Joe Biden got close to Secretary of Defense Ashton Carter’s wife?

The 'Notorious RBG' takes over SNL
Supreme Court Justice Ruth Bader Ginsburg gives pretty hilarious and biting interviews in real life — “not 100 percent sober” ringing any bells? — but Kate McKinnon’s version of the “Notorious RBG” on Saturday Night Live’s “Weekend Update” may just take the cake. From jokes about her morning exercise routine to her sexy dreams about […]

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

Can Congress pass NSA reform in the next 100 days?

After failing to pass NSA reform last year, Congress has less than 100 days left to try again, or allow the entire phone metadata program to sunset on June 1.

Trey Gowdy says he's going straight to Hillary

Former Secretary of State Hillary Clinton's email controversy has opened up a new front in the House's investigation of the 2012 Benghazi attack, with Rep. Trey Gowdy saying Tuesday that his investigators would be going straight to Clinton and her team to obtain all relevant correspondence.

More Congressmen had student loan debt this year
The student loan debt crisis is not just a growing problem among the American public, it’s growing among members of Congress as well. A grand total of 47 members of Congress reported a cumulative total of between $1.8 million and $4.6 million in student loan debt in 2013, as calculated by OpenSecrets based on personal […]
Congress sends Homeland Security bill to Obama

Congress is sending President Barack Obama a bill to fund the Department of Homeland Security through the end of the budget year, without overturning the president's immigration policies.

Dems worry about Warren's leftward push

The Hill reports that Democrats are beginning to worry about Elizabeth Warren's gravitational pull on the party's direction. It's a black hole of progressivism, baby.