Warren Buffett Takes a Hands-Off, Bare Bones Approach to Newspapers
Warren Buffett has been saving local newspapers left and right. However, according to the New York Times, he remains unattached and uninvolved in the dailies that he scoops up. Also, being saved by Buffett’s Berkshire Hathaway doesn’t mean everything is grand for the staffers who remain.
The offices of The Buffalo News, which Buffett bought in 1977, hasn’t been graced by Buffett’s presence in eight years. Papers recently purchased are going to get the same sort of treatment. In a letter sent by Buffett, he explained that policy issues should be treated as they always have been, and “I have some strong political views, but Berkshire owns the paper — I don’t. And Berkshire will always be non-political.”
While being rescued from doom by Buffett is great, staffers told the Times that things could be a little better. Buffalo News’ union staff members have only had a one percent raise since 2009, and equipment sometimes becomes severely outdated.
Despite this, most understand the benefits of being supported by Buffett. As one reporter noted, “I hope he lives to be 200.”
