A serious blow to hack dreams of working for a benevolent billionaire. Warren Buffett is quitting the newspaper business.
He is taking $140 million in cash, as if he needs it, in return for 30 US newspapers which will move to Lee Enterprises.
Buffett likes newspapers and had a long association with the Washington Post. The suggestion that even he thinks they don’t have much of a future – he insists the ones he has sold are in good hands – is rather a blow to those of us looking to eke out another few years at this game (it has its frustrations, but it is better than a real job).
In an ideal world, newspapers would be comfortably profitable. In the real one, they tend not to be, and typically need funds from rich folk to thrive.
A question for the flak trade: If Warren Buffett is right that we have no future, won’t there be dramatically less need for the services you sell?
Hacks thinking of moving into flakery might want to get a shift on. The market might soon be flooded…