When Warren Buffett says, 'Honey, I'm just going out to buy a newspaper ...
... it has a whole 'nother meaning.
I grew up reading the Omaha World-Herald, delivered from a very long way away to McCook, Neb. (It doesn't circulate out there any more. You read it online.)
And I spent four years working for the other newspaper Buffett owns, The Buffalo News. (He also holds a lot of stock in The Washington Post Co.)
So this story, breaking this morning, was interesting to me, at least.
And not only because it is reassuring to know that at least one more smart person out there still likes newspapers.
- Buffett to buy The World Herald - The World Herald
The Berkshire Hathaway company has agreed to purchase The Omaha World-Herald Co. from its employee shareholders and the Peter Kiewit Foundation.The transaction is expected to close in late December, pending approval of The World-Herald's shareholders, made up of active employees, retired employees and the Peter Kiewit Foundation. The purchase also is subject to customary closing conditions, including regulatory approvals.Warren Buffett, chairman of Berkshire, said "The World-Herald delivers solid profits and is one of the best-run newspapers in America, and we are pleased to have Terry Kroeger and his team join Berkshire Hathaway."
- Buffett's Berkshire buying Omaha newspaper company - AP/Salt Lake Tribune
OMAHA, Neb. (AP) Warren Buffett's Berkshire Hathaway said Wednesday that it is buying the Omaha World-Herald Co. and expanding the firm's newspaper holdings despite Buffett's misgivings about the industry. ...
- Buffett's Berkshire Agrees to Buy Hometown Newspaper Omaha World-Herald - Bloomberg News
... Buffett is putting aside doubts about the industry after telling shareholders in 2009 that many newspapers have "potential for unending losses" and that he wouldn't buy most of them "at any price." Publishers have lost revenue as readers shift to other media including the Internet....