81 year old billionaire Warren Buffet (pictured above) recently, through his Berkshire Hathaway group, purchased 63 newspapers at a time when most have predicted not just the demise, but the imminent burial of the print news industry. While it may seem counter intuitive, Buffet even suggests he may buy more papers. However, his motive is not to “save” the “old” print model. “This is an unsustainable model and certain of our papers are already making progress in moving to something that makes more sense,” Buffett wrote in a letter to editors and publishers of Berkshire’s daily newspapers. “We want your best thinking as we work out the blend of digital and print that will attract both the audience and the revenue we need.” The full article is available at the link below, one which incorporates a video clip:
Interestingly, I think, is Buffet’s take on what will make a successful newspaper–not just the blend of digital and print, but a sense of “identity”, in “towns and cities with a strong sense of community.” I found this an especially compelling revelation in light of the news industry’s search for a path toward financial viability. That path might include responsible community based news. I think it does, especially in terms of the need for journalists to contribute their “best thinking” toward solving the industry’s revenue problems. After all, in our journalistic roles, we constantly report on problems and solutions in other industries. Why not apply that thinking to our own?