Alan Smolinisky‘s 15-month old son Charlie was named in honor of billionaire investor Charles Munger. In his home, there is also a framed, flattering hand-written note from another three-comma titan, Warren Buffett.
So why would Smolinisky have paid seven figures for the money-losing Pacific Palisades weekly newspaper the Palisadian-Post? Because, like Aaron Kushner with the Orange County Register, Doug Manchester down in San Diego and the LA Times‘ imminent new owner, this savvy investor believes in the future of a well-targeted and storied print publication. Per Martha Groves‘ LA Times write-up:
Bill Bruns, managing editor since 1993, likes to joke that, if a resident of Brentwood won a Nobel Prize, the paper would not cover the story. But if the person lived in the Palisades the news would land on the front page.
When Smolinisky and his friends were tykes, the Pali-Post ran photos of their T-ball and soccer games. When he was a teen, it carried stories about A&A Productions, a company he co-founded that put on dances in the Palisades.
The 33-year-old Smolinisky also acquired the paper’s building as part of the deal and was quick to close down a sideline commercial printing business. Read the full LA Times “Column One” entry here.