Warren Buffett is going to buy more newspapers. Yes, in addition to the 63 his Berkshire Hathaway Media Group scooped up last week. In a letter sent to the editors and publishers of those publications, Buffett says he “will probably purchase more papers in the next few years.” While that’s not a concrete statement, Buffett is a big newspaper fan, so it’s going to happen.
Not only is Buffett going to buy more papers, in the memo —
which was obtained by Jim Romenesko via The Omaha-World Herald — he even outlines where they’ll likely be found:
We will favor towns and cities with a strong sense of community, comparable to the 26 in which we will soon operate. If a citizenry cares little about its community, it will eventually care little about its newspaper. In a very general way, strong interest in community affairs varies inversely with population size and directly with the number of years a community’s population has been in residence. Therefore, we will focus on small and mid-sized papers in long-established communities.
If your town qualifies, get ready. Buffett, the Savior of Small Newspapers, is coming to save your beloved publication.
Unless he dies first. But even then, we bet he puts your little paper in his will. That’s just the kind of guy he is, and FishbowlNY loves him for it.