Banking on newspapers

It’s a small world.

About a month ago in this space, I spent some time talking about Warren Buffett, who has more money than some countries but eats at Mickey D’s and gets around in his 5-year-old Caddy.

Without a chauffeur.

Yesterday, Buffett’s Berkshire Hathaway media group purchased my employer, the Tulsa World, assuming the reins of a family that had run the newspaper more than a century.

These are tenuous times for journalists. A tech-savvy generation has driven down newspaper circulations and profits, forcing the industry to re-invent itself.

Buffett, however, isn’t ready to write the newspaper’s obit.

A former paper carrier, he had a father he owned a small newspaper in native Nebraska and a mother who worked there as a teen. As I did, he and his siblings devoured the contents of the paper his father brought home every night.

“I’ve loved newspapers all my life — and always will,” Buffett said in a May memo to publishers and editors of Berkshire Hathaway daily newspapers.

He believes newspapers build a strong sense of community and “are every bit as important to me — and, for that matter, to society — as other businesses we have purchased for many billions of dollars.”

 I like the way Buffett thinks. He’s a small-town man with common values, unafraid to invest in what he holds dear.

Given his track record, that’s the kind of support you can take to the bank.

 

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One thought on “Banking on newspapers

  1. I, too, read about this with similar thoughts. As always, I enjoy your work and the lyrical prose it utilizes. Good job.

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