There has been a strange trajectory of print and online media. You had print businesses that dominated the news market (now suffering). Suddenly the Internet came around and people's main source of news was via the web (now booming). Large print and online establishments do not personalized and local content.

People now want quality and relevant content. Therefore local print newspapers may be a lucrative place to be. Utilise the benefits of online, with the relevant content of local. Build a community.

Buffett is a smart investor. If he sees some value in newspapers then there has to be something there.