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MAYBE HE KNOWS something we don’t…
Billionaire investor Warren Buffett is to buy 63 daily and weekly newspapers in America at a cost of $142 million (around €110 million). In a statement, he emphasised his belief in the stricken industry and said the papers would have a permanent home with his company.
“In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” Buffett said.
He also suggested he may buy more newspapers in future: “Any time we can add properties we like, to management we like, at a price we like, we’re ready to go,” he said.
His Berkshire Hathaway company bought all of the newspapers owned by struggling US newspaper group Media General – and is also providing a $400 million loan and $45 million worth of credit to the media company, the Wall Street Journal reports.
The purchase includes the newspapers’ websites, printing operations and all related businesses.
The move is something of an about-turn for one of the richest men in the world. In 2009 he said that he would not consider buying most newspapers in the US “at any price”, saying they had the possibility of “just unending losses”
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Isn’t there something uncomfortable about one man (company) controlling all those news outlets or am I just being a cynic? Sure if he let’s them run as independent outlets with their own direction and ethos but usually that’s not how big business works, there’s the cynic in me again…..
Maybe if this happened in ireland. All those 63 local papers would give you some clout alright. But in America naa..
Just a drop in an ocean.
A cynic indeed
not cyncial. realistic.
look what monopoly ownership has done here and in the uk to begin with
142 plus million and this is all he can come up with lol must be tiring of his legendary philanthropy (which doesnt extend as far as undermining the sturctures that allow individuals like him to generate this kind of wealth while half the world starves
Nice Idea maybe he can buy Irish Papers like the Donegal Democrat, the Longford Leader, the Fermanagh Herald and the Kildare Nationalist. Which should be preserved for their great titles alone
Its not depressing at all in my opinion, he says he enjoys what he does and buys things that interest him. Just because you are older doesnt mean you would enjoy doing nothing,
It’s probably what keeps him going, Diarmaid.
Possibly, but slightly depressing nevertheless!
not really, if that what floats his boat, why not, could keep him sharper for longer compared to sittin In a clubhouse sinkin whiskey sours. each to their own. I’d be well happy to still be sharp and doing something I love at his age!!
Doesn’t there come a stage in a mans life when he should just relax and enjoy what’s left of his life! I think it’s very sad looking at a man of his age spending his elder years still making money which he just will never spend!
Any money he makes is going to charity.
As the above comment says he donates most of his earnings. He also claims in the region of $200,000 income from his company. Therefore the more money he makes the better. Perhaps people should google before they comment, not all rich men are greedy money grabbers
What are you on about Gerry, I am merely saying I think it’s sad that a man of his age is still working so hard trying to make money and not enjoying the latter years of his life. It’s irrelevant what he uses his money for.
Money for guys like warren Buffet is only a by -product . They are motivated by a completely set of criteria but mostly it just winning . Interesting ,modest man who along with the gates is going to give the vast majority of it away. Hi is also a strong advoacte of substaially increasing taxes on the super rich .
He’s been giving away billions to charity
@ Diarmaid how do you know he’s not enjoying life? Anybody who has ever seen him interviewed will see how boundless his enthusiasm is. He knows his empire is helping the needy so that’s plenty drive and enjoyment for anyone. His idea in buying the papers seems to be to keep them open and an important part of the community. I missed the memo that said you had to sit and feed the ducks after a certain age.
Fair enough Gerry, leave it off, you seem more intent in making smart remarks to illustrate how funny you are than anything else. You’re right, I’m wrong. i do apologise!
63? I buy the odd one but usually just use the journal.ie.
i wasnt talking about buffets workers
i was talking about a situation in which a supposedly good hearted and benevolent man can earn billions and never come to the conclsuion that something is wrong
having seen how it works, why on earth does he not set about dismantling it? one man giving away money doesnt change a thing
philanthropy is a perogative of (in this case in particulra) billionaires. the fact that billionaires exist is a sign that something somewhere is wrong. that is what i am talking about.
Buffet might be on the money here. Personally I have not bought a national newspaper in over 4 years, I just read their sites instead.
But I do still buy the local paper once a week and will continue to do so. If the Indo or IT start charging for content I won’t pay and will get my national news elsewhere. But I’ll always buy the weekly local paper and local businesses will always advertise in it. The same can’t be said on a national level and the fact that less than 7% of Irish adults buy broadsheets on a daily basis shows us it is an industry living on borrowed time.
could it be the content of a broadsheet doesn’t interest most? or the size of them are highly annoying, has the Indo switching to a tabloid edition help with its sales?
I thought he was supposed to be giving all his money away.
These article about Warren Buffet are getting me very confused.
Maybe he is just manipulating the press again.
He has vowed to give away 99 percent of his wealth to the Bill and Melinda Gates Foundation. Bout these things dont generally happen all at once. I would be very surprised if he had all his money sitting in a vault somewhere. It is mostly tied up in investments and what have you so will probably donate it as it becomes available.
‘His’ wealth is the unpaid wages of others.
exactly. and it isnt his alleged philanthropy that is the problem. it is the fac that he can actually have the money he has. he can give away every last cent of it and this wont make a blind bit of difference to the structures that allow him to generate it in the first place. the next person will step up and make his or her billion
charity is (unfortuantley) necessary in our soceity. nobody would argue with that. its just that the situation in which the need for charity arises in the first place is a result of people like buffets business practices
sorry. forgot to add: why , in recent days are we being treated to this rush of news concerning a variety of millionaires from bono to buffet. are we supposed to overlook how these millions are made (and how our own situations relate to the processes involved?
@ Alan what business practices precisely does Buffett have that don’t treat his workers fairly?
we are not communists
Greedy bastard
have your say