Warren Buffet is having doubts about the newspapers he owns: The Press of Atlantic City, The Downbeach Current, The Brigantine Beachcomber, among others. He’s losing faith in his investment.
MEDIAPOST: In recent years, it seemed like Warren Buffett was the only cheerleader left for the newspaper industry among big investors. Even better, he was willing to put his money where his mouth was. He bought a few dozen local papers, based on his belief that their community connections would help them weather the tough digital transition.
The Oracle of Omaha is having his doubts.
Warren Buffett bought a bunch of local newspapers thinking they could make the digital transition. Nope.
The Oracle of Omaha is now having his doubts. Buffett: 1,300 daily papers left in the US,” down from 1,800 a few years ago.
The future is in jeopardy for the vast majority of local, regional and metro daily newspapers.