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Buffett buys Winston-Salem Journal (and a bunch of other stuff).
It's big news along the James, too.
Related: Newspaper dealing in the Bay Area.
May 17, 2012 at 10:16 AM | Permalink
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Can't believe no one is commenting on this huge news. WB could probably find some more deals to the east and north of Winston and have himself a little newsprint empire.
May 17, 2012 at 11:12 PM
It is interesting to wonder why he pulled this deal. The print media group at MG had been losing huge money for a long time and staff cuts and consolidations barely stemmed the blood letting. Investors were clamoring for MG to dump the print group. So how does Buffet turn around these products that have been decimated yet still are losing money?
My guess is that either he thinks he can sell them piecemeal to regional competitors for a small profit on each or use these properties as proving grounds for new methods of news production in print/digital and if he fails then he can always write off the loss.
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May 18, 2012 at 12:31 AM
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