Comment by Jim Campbell
February 27th 2020
The only beings on the planet who still believe the tripe put out by the print media are those incapable of things for themselves.
They are in deep trouble.
As Buffett put it, they “went from monopoly to franchise to competitive to … toast.”
Trying to subsidize them as non-profits with tech money from Silicon Valley, as Google, Facebook, Apple, and Amazon are doing, won’t change that.
Take it from Warren Buffett who lost a fortune unloading his holdings.
By Daniel Greenfield
Front Page Magazine
February 27th, 2020
Feb. 27th, 2020
Warren Buffett started the year by dumping his portfolio of 30 newspapers in a fire sale.
“They’re going to disappear,” Buffett said of the papers. “It went from monopoly to franchise to competitive to … toast.”
In February, McClatchy, the country’s second-largest local newspaper chain, the owners of the Fort Worth Star-Telegram, the Miami Herald, the Kansas City Star, the News & Observer, the State and many other major local papers, filed for bankruptcy.
We’re barely into 2020 and the apocalypse which wiped out 7,800 media jobs in 2019 is speeding on. That was down from the 15,000 media jobs lost in 2018, but only because it’s hard to cut jobs that don’t exist anymore.
By the end of the decade, there will be no local newspapers.
Only a few national ones.
The internet is certainly to blame, but digital media took nearly as bad a beating as dead tree media with the Gawker relaunch, the Huffington Post, BuzzFeed, and many other lefty digital darlings bleeding.
On CNN, the Miami Herald’s Julie Brown claimed that the lack of local newspapers, “has contributed to the divisions that we’re experiencing around the country.”
[And she would know that exactly how?]
The media has been making similar claims for a year now based on a dubious study.
But the problem with the papers in the McClatchy, Gannett, Tribune, or other media stables is that they’re echoes of the same national agenda repackaged for a local audience.
In the age of the internet, readers are cutting out the middleman and watching CNN or MSNBC, or reading the New York Times and the Washington Post. [More Fake News owned by Jeff Besos}
Who needs a third-rate local lefty version when you can just buy access to the real lefty thing?
Local papers aren’t really local.
They’re investments owned by lefty tycoons like Warren Buffett.
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.
As the investments become hopeless, they’re turning into non-profits owned by lefty tycoons like Jeff Bezos.
If the local paper is just going to consist of recycled talking points from the Washington Post or the New York Times, then who needs the “local” paper?
The national media writing its eulogies long ago fired the fatal shot.
Local communities don’t. That’s why they’re dying.
What local media markets are really missing is diversity. Vital media markets used to have dueling papers.
There are fewer dueling papers and even fewer conservative ones. Of the 100 largest papers in the country, only 2 endorsed Trump in 2016.
Only 6 papers endorsed Trump across the country.
Local papers were once local. When they went national, they stopped being civic institutions.
The lack of endorsements for Trump and the lack of political diversity are symptoms of the problem.
When newspapers became a partisan institution, they stopped being relevant to the lives of much of the country.
And they also stopped being interesting even to those readers who agreed with their politics.