Buffett bucks trend by buying newspapers
<p><span word="Download">Download</span></p><p><span word="Unfazed">Unfazed</span> <span word="by">by</span> <span word="predictions">predictions</span> <span word="of">of</span> <span word="the">the</span> <span word="death">death</span> <span word="of">of</span> <span word="newspapers">newspapers</span>, <span word="billionaire">billionaire</span> <span word="Warren">Warren</span> <span word="Buffett">Buffett</span> <span word="is">is</span> <span word="pumping">pumping</span> <span word="more">more</span> <span word="money">money</span> <span word="into">into</span> <span word="print">print</span>.</p><p><span word="In">In</span> <span word="the">the</span> <span word="past">past</span> <span word="year">year</span>, <span word="one">one</span> <span word="of">of</span> <span word="the">the</span> <span word="world">world</span>'<span word="s">s</span> <span word="richest">richest</span> <span word="men">men</span> <span word="and">and</span> <span word="sharpest">sharpest</span> <span word="investors">investors</span> <span word="has">has</span> <span word="put">put</span> <span word="some">some</span> $300 <span word="million">million</span> <span word="into">into</span> <span word="an">an</span> <span word="industry">industry</span> <span word="that">that</span> <span word="some">some</span> <span word="view">view</span> <span word="as">as</span> <span word="heading">heading</span> <span word="the">the</span> <span word="way">way</span> <span word="of">of</span> <span word="the">the</span> <span word="horse">horse</span> <span word="and">and</span> <span word="buggy">buggy</span>.</p><p><span word="Buffett">Buffett</span>'<span word="s">s</span> <span word="Berkshire">Berkshire</span> <span word="Hathaway">Hathaway</span> <span word="holding">holding</span> <span word="company">company</span> <span word="late">late</span> <span word="last">last</span> <span word="year">year</span> <span word="bought">bought</span> <span word="his">his</span> <span word="hometown">hometown</span> <span word="newspaper">newspaper</span>, <span word="the">the</span> <span word="Omaha">Omaha</span> <span word="World">World</span>-<span word="Herald">Herald</span>, <span word="along">along</span> <span word="with">with</span> <span word="related">related</span> <span word="assets">assets</span> <span word="in">in</span> <span word="a">a</span> $200 <span word="million">million</span> <span word="deal">deal</span> <span word="some">some</span> <span word="analysts">analysts</span> <span word="viewed">viewed</span> <span word="as">as</span> <span word="a">a</span> <span word="sentimental">sentimental</span> <span word="move">move</span>.</p><p><span word="He">He</span> <span word="followed">followed</span> <span word="with">with</span> <span word="a">a</span> $142 <span word="million">million</span> <span word="deal">deal</span> <span word="last">last</span> <span word="month">month</span> <span word="to">to</span> <span word="buy">buy</span> <span word="Media">Media</span> <span word="General">General</span>, <span word="a">a</span> <span word="chain">chain</span> <span word="of">of</span> 63 <span word="newspapers">newspapers</span>. <span word="He">He</span> <span word="added">added</span> $2 <span word="million">million</span> <span word="to">to</span> <span word="Lee">Lee</span> <span word="Enterprises">Enterprises</span>, <span word="owner">owner</span> <span word="of">of</span> <span word="the">the</span> <span word="St">St</span>. <span word="Louis">Louis</span> <span word="Post">Post</span> <span word="Dispatch">Dispatch</span> <span word="and">and</span> <span word="Arizona">Arizona</span> <span word="Daily">Daily</span> <span word="Sun">Sun</span>. <span word="That">That</span> <span word="is">is</span> <span word="in">in</span> <span word="addition">addition</span> <span word="to">to</span> <span word="other">other</span> <span word="holdings">holdings</span>, <span word="including">including</span> <span word="The">The</span> <span word="Buffalo">Buffalo</span> <span word="News">News</span> <span word="and">and</span> <span word="a">a</span> <span word="stake">stake</span> <span word="in">in</span> <span word="The">The</span> <span word="Washington">Washington</span> <span word="Post">Post</span> <span word="Co">Co</span>.</p><p><span word="Buffet">Buffet</span> <span word="said">said</span> <span word="in">in</span> <span word="a">a</span> <span word="message">message</span> <span word="last">last</span> <span word="month">month</span> <span word="to">to</span> <span word="his">his</span> <span word="newspaper">newspaper</span> <span word="employees">employees</span> <span word="that">that</span> <span word="he">he</span> <span word="believes">believes</span> <span word="that">that</span> <span word="newspapers">newspapers</span> <span word="that">that</span> <span word="intensively">intensively</span> <span word="cover">cover</span> <span word="their">their</span> <span word="communities">communities</span> <span word="will">will</span> <span word="have">have</span> <span word="a">a</span> <span word="good">good</span> <span word="future">future</span>.</p><p><span word="He">He</span> <span word="said">said</span> <span word="Berkshire">Berkshire</span> "<span word="will">will</span> <span word="probably">probably</span> <span word="purchase">purchase</span> <span word="more">more</span> <span word="papers">papers</span> <span word="in">in</span> <span word="the">the</span> <span word="next">next</span> <span word="few">few</span> <span word="years">years</span>" <span word="and">and</span> <span word="that">that</span> <span word="he">he</span> <span word="will">will</span> "<span word="favor">favor</span> <span word="towns">towns</span> <span word="and">and</span> <span word="cities">cities</span> <span word="with">with</span> <span word="a">a</span> <span word="strong">strong</span> <span word="sense">sense</span> <span word="of">of</span> <span word="community">community</span>".</p><p><span word="Still">Still</span>, <span word="the">the</span> <span word="investment">investment</span> <span word="comes">comes</span> <span word="amid">amid</span> <span word="dire">dire</span> <span word="predictions">predictions</span> <span word="for">for</span> <span word="the">the</span> <span word="newspaper">newspaper</span> <span word="industry">industry</span>, <span word="which">which</span> <span word="has">has</span> <span word="been">been</span> <span word="battered">battered</span> <span word="by">by</span> <span word="sharp">sharp</span> <span word="drops">drops</span> <span word="in">in</span> <span word="print">print</span> <span word="circulation">circulation</span> <span word="and">and</span> <span word="advertising">advertising</span>, <span word="and">and</span> <span word="getting">getting</span> <span word="only">only</span> <span word="modest">modest</span> <span word="revenues">revenues</span> <span word="from">from</span> <span word="online">online</span> <span word="services">services</span>.</p><p><span word="A">A</span> <span word="research">research</span> <span word="note">note</span> <span word="from">from</span> <span word="the">the</span> <span word="financial">financial</span> <span word="firm">firm</span> <span word="Moody">Moody</span>'<span word="s">s</span> <span word="earlier">earlier</span> <span word="this">this</span> <span word="month">month</span> <span word="gave">gave</span> <span word="the">the</span> <span word="US">US</span> <span word="newspaper">newspaper</span> <span word="industry">industry</span> <span word="a">a</span> "<span word="negative">negative</span>" <span word="outlook">outlook</span>, <span word="saying">saying</span> <span word="that">that</span> <span word="digital">digital</span> <span word="initiatives">initiatives</span> <span word="are">are</span> <span word="failing">failing</span> <span word="to">to</span> <span word="make">make</span> <span word="up">up</span> <span word="for">for</span> "<span word="significant">significant</span> <span word="secular">secular</span> <span word="pressures">pressures</span>".</p>
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