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Posted: 5/17/2012 4:41:48 AM EST
Story Here

Buffett to buy 63 newspapers


BUFFETT'S NEW DAILY NEWSPAPERS

VIRGINIA:

• Richmond Times-Dispatch, Richmond (114,000 subscribers)

• The News & Advance, Lynchburg (27,000)

• Bristol Herald Courier, Bristol (25,000)

• The Daily Progress, Charlottesville (22,000)

• Danville Register & Bee, Danville (15,000)

• News & Messenger, Prince William County (13,000)

• Culpeper Star-Exponent, Culpeper (6,000)

• The News Virginian, Waynesboro (6,000)

MID-SOUTH:

• Dothan Eagle, Dothan, Ala. (28,000)

• Morning News, Florence, S.C. (23,000)

• Opelika-Auburn News, Opelika, Ala. (14,000)

• Jackson County Floridian, Marianna, Fla. (5,000)

NORTH CAROLINA:

• The Winston-Salem Journal, Winston-Salem, N.C. (58,000)

• Hickory Daily Record, Hickory, N.C. (18,000)

• Statesville Record & Landmark, Statesville, N.C. (13,000)

• The News Herald, Morganton, N.C., (7,000)

• The McDowell News, Marion, N.C. (4,000)

Also, 46 weeklies throughout the same region.Warren Buffett made good Thursday on his promise to buy more newspapers, agreeing to buy 63 daily and weekly newspapers in the Southeast for $142 million from financially troubled Media General Inc. of Richmond, Va.

The newspapers, in Virginia, North Carolina, South Carolina, Alabama and Florida, would be combined with the Omaha World-Herald Co. into a new Berkshire Hathaway Inc. division called BH Media Group. They would be managed by World Media Enterprises, a new sister company of The Omaha World-Herald.

  ~~ See more at link ~~
Link Posted: 5/17/2012 4:55:44 AM EST
[#1]
Why would anyone buy up all of those? I thought readership of those lib rags was declining.
Link Posted: 5/17/2012 5:05:09 AM EST
[#2]
warren buffet is fucking old.

and so are the people who read news papers.

like my dad. he's the only person I know who reads a newspaper he's 63 and retired.
Link Posted: 5/17/2012 5:07:54 AM EST
[#3]
Newspapers are a a loss leader for the real business - crony capitalism.  The newspapers may not make money but as long as there is the perception that they can form or shape public opinion, you use your media leverage to get sweet deals for your other businesses, put flunkies into office, etc.  Even in those terms, I think it is still a bad investment; but I also don't have a lot of respect for Buffet, so I am OK with it.
Link Posted: 5/17/2012 5:09:08 AM EST
[#4]
Quoted:
Why would anyone buy up all of those? I thought readership of those lib rags was declining.


Surprisingly, the Daily Progress is not particularly liberal.  Doubly surprising, considering it serves Charlottesville.
Link Posted: 5/17/2012 5:11:40 AM EST
[#5]
Warren Buffet likes to give money to charities. Big deal.
Link Posted: 5/17/2012 5:11:53 AM EST
[#6]
Quoted:
warren buffet is fucking old.

and so are the people who read news papers.

like my dad. he's the only person I know who reads a newspaper he's 63 and retired.


Hey, I read the newspaper. Peanuts and Hagar the Horrible are awesome.
Link Posted: 5/17/2012 5:16:02 AM EST
[#7]
Quoted:
Why would anyone buy up all of those? I thought readership of those lib rags was declining.


Circulation of the smaller, community focused newspapers (weeklies, non-dailies) are stable or declining less than the large dailies. Ignoring the ups and downs of the economy, a newspaper totally focused on local (not state or national) news is in a better position than one whose coverage is in competition with TV, radio and the internet.

Link Posted: 5/17/2012 5:18:33 AM EST
[#8]
I guess they gotta lock up some propaganda outlets in the south and get their talking points consistent before the election.



Tell a lie in one paper, and all the others quote it.




Liberal Journalism 101




Link Posted: 5/17/2012 5:29:14 AM EST
[#9]
Link Posted: 5/17/2012 6:50:41 AM EST
[#10]
Quoted:
warren buffet is fucking old.

and so are the people who read news papers.

like my dad. he's the only person I know who reads a newspaper he's 63 and retired.


We got a daily newspaper while at the hotel while on our honeymoon last week. I like the feel of having the paper in my hands, but I would never pay for yesterday's news today.

There's something about reading the paper on the balcony, with the salty sea air blowing the damn thing about so it's really hard to keep it steady.
Link Posted: 5/17/2012 6:52:57 AM EST
[#11]
The only people who buy newspapers are old people and kidnappers.
Link Posted: 5/17/2012 6:53:35 AM EST
[#12]
Quoted:
Why would anyone buy up all of those? I thought readership of those lib rags was declining.


The big ones are failing. The small ones, especially the weeklies, are doing fine. They have lower costs, advertising rates accessible to small businesses, and a local audience that reads the ads. IMO, 142 million is too much, but Buffet does have a better investment track record than I do.
Link Posted: 5/17/2012 6:55:24 AM EST
[#13]
Quoted:
Newspapers are a a loss leader for the real business - crony capitalism.  The newspapers may not make money but as long as there is the perception that they can form or shape public opinion, you use your media leverage to get sweet deals for your other businesses, put flunkies into office, etc.  Even in those terms, I think it is still a bad investment; but I also don't have a lot of respect for Buffet, so I am OK with it.



Link Posted: 5/17/2012 6:57:36 AM EST
[#14]
A few years ago the Seattle Times was for sale, and I thought it would be a good "loss leader" for someone like Rush Limbaugh who seems to have money to burn. Would have been a good chance to begin tweaking the hearts and minds of moderate Seattlites who don't listen to AM radio on their own volition.





Another lost opportunity to swing this state back to the red side of the column ....
Link Posted: 5/17/2012 6:59:53 AM EST
[#15]
Quoted:
The only people who buy newspapers are old people and kidnappers.


Not 100% accurate. My wife buys a Star Tribune paper every Sunday for the coupons and ads (I like my Fleet Farm ad!!). Neither of us read the paper she buys though, since it's a typical liberal rag.
Link Posted: 5/17/2012 7:00:20 AM EST
[#16]
Proof that Buffet is getting senile.  He's betting on the Internet to go TU.
Link Posted: 5/17/2012 7:16:30 AM EST
[#17]
What a dumbass. It's all internets now days.
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