Warren Buffett Buys The Bryan-College Station Eagle
Good news for a good Texas newspaper -- Warren Buffett, the current savior of print media, is buying the Bryan-College Station Eagle for an undisclosed price, the Omaha World-Herald reports.
Buffett has gone on a newspaper-buying spree, using his vast fortune to give hope to journalists and, not incidentally, make himself some money.
So far he's been saying all the right things about owning papers, saying he's in it for keeps and that he won't be meddling with editorial product in order to express his personal views.
He wrote not long ago to all the editors and publishers of the papers his Berkshire Hathaway had purchased:
I believe newspapers that intensively cover their communities will have a good future. It's your job to make your paper indispensable to anyone who cares about what is going on in your city or town.
That will mean both maintaining your news hole -- a newspaper that reduces its coverage of the news important to its community is certain to reduce its readership as well -- and thoroughly covering all aspects of area life, particularly local sports. No one has ever stopped reading when half-way through a story that was about them or their neighbors.
You should treat public policy issues just as you have in the past. I have some strong political views, but Berkshire owns the paper -- I don't. And Berkshire will always be non-political. We have more than 600,000 shareholders of all stripes and I do not use Berkshire's resources, directly or indirectly, to speak for them.
The Eagle was purchased from the Evening Post Publishing Company of Charleston, South Carolina. The paper will operate under the Omaha World-Herald Co., a subsidiary of Berkshire Hathaway.
"It's got all the elements of a great community newspaper market that we look for," said World-Herald CEO Terry Kroeger, including Texas A & M University, a strong medical community and a great business environment. "We think it's a terrific market, and it was available at a reasonable price."
Get the This Week's Top Stories Newsletter