News Flash: Billionaires Buy Newspapers for Prestige, Notoriety

You don't need to be an oracle to divine this truth: Buying a newspaper is better for your ego than it is for your shareholders' value. Here's Warren Buffet, on Rupert Murdoch's interest in buying Dow Jones:

"I think Rupert [Murdoch] would even acknowledge that some part of his interest in The Wall Street Journal is noneconomic," said Mr. Buffett.
He said Dow Jones has a high noneconomic value, "second only to the New
York Times," which includes prestige and notoriety, for example, and he suggested other bidders could emerge for the company.

Other bidders, but not Buffet, who says he's done buying dead-tree media: ""I don't go out and buy more of them," he said.

World According to Buffet - WSJ.com (subscription req'd)