Warren Buffett has gobbled up a bunch of newspapers in recent years. Among them are many community papers, not the big titles that vanity publishers pursue. And an explanation for that acquisition pattern comes from the 2012 report of Buffett’s Berkshire Hathaway Inc.:
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.
(h/t Romenesko)