By Scott Patterson, WSJ.com - May 2, 2009

OMAHA, Neb. — Warren Buffett has long held himself out as a newspaper man. As a child, one of his first jobs was delivering newspapers. An Omaha newspaper Berkshire owned, Sun Newspapers, won a Pulitzer Prize in 1973 based in part on a tip Mr. Buffett provided. One of Berkshire’s biggest investments in the 1970s was the Buffalo News, which it still owns.

The problem, he said, is that newspapers were once essential to the American public. As long as newspapers were essential to readers, they were essential to advertisers, But news is available in many other venues, such as the Internet, which means a dramatic drop in advertising revenue.

Berkshire also has a substantial investment in the Washington Post Co. He said the company has a solid cable business, a good reason to hold onto it, but its newspaper business is in trouble.

Mr. Munger gave a philosophical take on the issue: “It’s really a national tragedy,” he said. “These monopoly daily newspapers have been an important sinew to our civilization, they kept government more honest than they would otherwise be.”

So, what's next for responsible journalism today? 

Paul@hometowntimes.com writes:
Journalism and the venue for responsible reporting and distribution of news, events, and advertising, particularly at the local level and focus of community interests, are alive and thriving. The Hometowntimes.com community of free online news sites, is the nation’s #1 franchisor for a turnkey, completely managed website in all cities in the US. We are currently seeking experienced, entrepreneurial writers, editors, advertising salespersons to grow your own local information sites with your own editorial personality reflective of your community. Visit http://www.hometowntimes.com for more information and contact us with your motivated resume and experience.

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HometownTimes.com is an established franchise opportunity, with a track record of more than 6 years of proven features, systems, and technologies. As a HometownTimes.com site owner/publisher, you receive a hosted, completely managed online website and technology package for the available city of your choice. Immediately after thorough training at our Atlanta, GA offices, you are set up and ready for your local news, features, events, and interest stories. And together, we’re ready to support your local business community and help them grow their businesses and attract new customers.

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Even if you're not ready to commit to a business venture at this time, we also offer job opportunities for you or anyone you know in the journalism or ad sales professions. So contact us for more information today.   Email us at info@hometowntimes.com and request a full HometownTimes.com information and ownership package ... Or select the OWN link below to learn more.