Warren Buffett started the year by dumping his portfolio of 30 newspapers in a fire sale. After having spent $344 million on a stable of local papers including the Richmond Times-Dispatch, the Buffalo News, and the Omaha World-Herald, the Oracle of Omaha had to let them go for a mere $140 million.
“They’re going to disappear,” Buffett said of the papers. “It went from monopoly to franchise to competitive to ... toast.”