ADThough a lifelong fan of newspapers, Buffett has soured on the industry, which has been in steady decline for more than a decade. Surviving papers are left fighting over crumbs as the industry takes in $30 billion a year less in ad revenue than it did in 2005. “It went from a monopoly to franchise to competitive to … toast,” Buffett told Yahoo Finance in April. Today, 225 counties nationwide are without a local newspaper. Alden owns the nation’s second-largest newspaper chain, Digital First Media, and has overseen significant cost-cutting at 100 daily papers, causing more than 1,000 jobs to be lost.

Source: Washington Post January 29, 2020 14:06 UTC