Posted on 11/30/2011 1:01:53 PM PST by US Navy Vet
Warren Buffett said he is buying The Omaha World-Herald Co. in a $200 million transaction because well-run newspapers have a future and because Omaha is a “vibrant” community.
He said his hometown paper has been true to its role as a primary source of information for the community.
“I wouldn’t do this if I thought this was doomed to some sort of extinction,” said Warren Buffett, chairman and CEO of Berkshire Hathaway, whose surprise appearance at a meeting of the company’s employee-shareholders at the Holland Performing Arts Center drew a standing ovation. The World-Herald is the last major employee-owned newspaper in the country.
(Excerpt) Read more at omaha.com ...
Yeah, newspapers have a future! Good call Buffet. Thats $200 million down the drain, although for you its a drop in the bucket.
The company must have a hell of a lot of assets besides the paper.
Newsweek sold $1 (the company).
Just great! The Omaha World Herald, a somewhat conservative publication, is now owned by an Obama butt kisser. So much for the OWH!
I would assume that Buffett got a tip from Obama that there will be a bailout of the print media industry...
Buffet once again proves that there’s no fool like an old fool. Back in the day, Warren was one hell of an investor. But, buying a newspaper!!!??? Practically everyone with any sense of what’s going on in the world today knows that print media is nearly dead, and has no future whatsoever.
This move definitively proves that Warren’s brain has turned to mush.
Don’t forget the assumed debts.
Newsweak owed a lot of people and Tina Brown picked that up, as well.
putting the Dinosaur in Dinosaur Media...
He probably didn’t like what they printed about him, so instead of penning a Letter To The Editor, he bought out the whole paper. j/k
This is nothing more than a charitable act by Buffett to preserve his hometown paper.
275 employees and retirees who own World-Herald stock, would continue local ownership of the newspaper, which the late Peter Kiewit preserved after buying the newspaper in 1962 from its founding family to prevent a sale to an out-of-town chain.
“It’s an important institution here,” Buffett said. If Kiewit knew the current situation, he said, “This would be his solution. He wanted an independent, locally owned and vibrant newspaper, forever, in Omaha, Nebraska. We would be the logical consequence.’’
The omaha world herald is the preferred paper for about a 250 mile radius. It will be one of the last standing when paper media finally goes down the tubes.
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