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Free News Unsustainable, Says Warren Buffett
Koreantoast writes "Warren Buffett, whose Berkshire Hathaway recently purchased 63 newspapers and plans to purchase more over the next few years, noted during an interview that the current free content model is unsustainable and will likely continue pushing toward more electronic subscription models. This coincides with moves by other newspaper companies like Gannett and the New York Times, which are also erecting paywall systems. Buffett notes that newspapers focusing on local content will have a unique product, which would succeed even if they lose subscribers, because their services are irreplaceable. Is this the beginning of the end of 'free content' for local news?"
Well he hasn't made money for a bit to be honest, and has made some seriously bad blue-chip gambles that fell flat on their face too. Which has a lot of people wondering if he's simply hit the senile point and he's out of touch with the markets. I remember reading hmm was it zerohedge or somewhere else, that he hasn't made money in over 3 years on any investments he's done.
Om, nomnomnom...
And if it's bad local news, someone else is willing to pay for you to see it. The San Diego Union Tribune was recently bought by a real estate developer. Mostly because it was so cheap he could turn a profit just by selling the land the paper owned, but he also said pretty bluntly that he did it so he could use the paper as a megaphone to promote his own local real estate development plans and political views.