by Andrea Bredow
Warren Buffett is buying a Newspaper? Buffett's company, Berkshire Hathaway is set to purchase The Omaha World-Herald in late December. Is he on to something, trying to protect a piece of Omaha history (his home town) or is he a bit crazy?
We all know the world of Newspapers is crumbling. Newspapers have folded left and right, layoffs are common place, and there is even newspaperdeathwatch.com. All of which I'm sure Buffett is well aware of. It begs the question, why would one of the world's smartest investors buy a Newspaper?
I recently watched Page One: Inside the New York Times. A documentary following the Times during 2010, a year when veteran reporters were forced out, staff was producing more with less and the Times had to face the fact that ad dollars just weren't coming in. This film is a unique inside look at the world of papers and unfortunately paints a gloomy picture for their future.
Is this the turning point for Newspapers? Will Buffett's faith in what many think is a dying medium bring new life to the business...or is he just a sentimental man at heart?
