“I’m not comfortable without an honest-to-God newspaper in my hand.” -The Oracle of Omaha
Warren Buffett got his start in business as a paperboy. And a paperboy he remains.
According to The Omaha World-Herald, Buffett will pay $200 million to buy the state’s largest newspaper, a price that is well within his comfort zone.
“It is a reasonable investment. There is no question it is affected by the fact that I am extremely bullish on Omaha, Nebraska. We live in a vibrant economy here. . . . It’s prosperous, and it’s a community that has a sense of community. I think that’s important to a newspaper.”
The World-Herald is the 49th largest newspaper in the country as measured by the daily distribution of the printed newspaper. It also is in the top 10 newspapers in the country in terms of the percentage of households in its market that subscribe.
Buffett’s company, Berkshire-Hathaway also owns The Buffalo News and a significant share of The Washington Post.