Has there been a more disappointing newspaper owner than Warren Buffett? When Buffett bought 63 papers from the Media General chain in 2012 for $142 million, it looked like the billionaire investor might play a significant role in reinventing local journalism. Unfortunately, it hasn’t worked out that way.
Buffett is by no means the worst owner a newspaper could have — not with hedge funds and corporate chains slashing and burning their way through the mediascape. But anyone who hoped he would establish himself as an innovative force in recalibrating the economics of journalism has to be disappointed.