Why do Billionaires Keep Buying US Newspapers despite their “Terrible Future,” as Buffett Said?

“Newspapers have a terrible future. We own the Buffalo News, as you say, and we hope to be the last man standing.” That’s what the Oracle of Omaha prophesied in November 2009. In November 2011, Warren Buffett’s Berkshire Hathaway bought the Omaha World-Herald. A series of other acquisitions has turned into BH Media Group, which owns 31 daily newspapers, 47 weekly newspapers, 32 “other print products,” and a TV station in Miami.