Warren Buffett on Newspapers: Nothing

From the Nieman Journalism Lab:

Warren Buffett’s Berkshire Hathaway has, over the past few years, bought up dozens of newspapers, with 69 papers and other titles currently part of the BH Media Group, including the Richmond Times-Dispatch, Greensboro News & Record, Omaha World-Herald, and Tulsa World. In the 2012 edition of his legendary annual shareholder letter — seriously, their level of clarity is something most journalists can only aspire to — Buffett went on at some length about the purchases:

Newspapers continue to reign supreme, however, in the delivery of local news. If you want to know what’s going on in your town — whether the news is about the mayor or taxes or high school football — there is no substitute for a local newspaper that is doing its job. A reader’s eyes may glaze over after they take in a couple of paragraphs about Canadian tariffs or political developments in Pakistan; a story about the reader himself or his neighbors will be read to the end. Wherever there is a pervasive sense of community, a paper that serves the special informational needs of that community will remain indispensable to a significant portion of its residents.

On Friday afternoon, the latest edition of Buffett’s shareholder letter was released, and I went to it quickly to see what new thoughts there might be inside from the Oracle of Omaha about the newspaper business.
The answer: nada....MUCH MORE