If you want to know what’s going on in yourtown – whether the news is about the mayor or taxes or high school football – there is no substitute for a local newspaper that is doing its job.

from Warren Buffett – Letter To Shareholders 2012 on Rap Genius

Meaning

What about Patch.com? What about blogs?

With the $344 million Berkshire Hathaway dumped into the acquisitions of 28 daily newspapers, they could’ve purchased both Patch.com and Going.com — purchased by AOL in 2009 for “single-digit millions” [above $1 million, less than $9,999,999] — at at premium almost 17 times over.

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