Hacker News Reader

Buffet is the epitome of a contrarian investor. He's buying precisely because he thinks the popular opinion about the dying newspaper industry is exaggerated, and he can get a good deal for his money.

From the article- "He said newspapers need to resolve problems with high production and delivery costs and the practice of making their products available for free over the Internet."

Because a newspaper is not a bunch of dead trees. It's the brand, the community history, the reporting. Take those, + scalable internet model and you can probably do decently.