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.



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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