The self-made billionaire Warren Buffett has been a disappointment ever since he started buying newspapers. According to Bloomberg News, he believes that all except a few national papers such as The New York Times and The Washington Post are doomed — echoing remarks he’s been making for several years. Here’s what I wrote about Buffett in “The Return of the Moguls”:
For a self-confessed newspaper fan whose net worth was roughly the same as that of [Jeff] Bezos (more than $60 billion apiece in mid-2016), Buffett’s role in helping to figure out the future of journalism might be considered disappointingly modest. Perhaps it would be too much to expect someone in his mid-eighties to dedicate himself to figuring out the future of the newspapers he had acquired. But he was ideally positioned to bring in the sorts of minds who might apply themselves to the task of saving smaller papers in much the same way that Bezos and [John] Henry were attempting to reinvent their much larger properties. Surely Buffett understands as much as anyone that readers and advertisers will put up with an ever-diminishing paper for only so long before an irreversible downward spiral sets in.
Buffett isn’t the worst newspaper owner out there by any means. But as someone who has taken a great interest in newspapers over the years (among other things, he was a close adviser to former Post publisher Katharine Graham), it seems to me that he could have done more.