MAY 2, 2005

The Washington Post in 20 Years

In his remarks to Berkshire Hathaway shareholders this
weekend, Warren Buffett expressed extreme pessimism on the future of
newspapers.  Unlike most of the hand-wringing we see in today’s media
about disputes over accuracy or fairness, Mr. Buffett focused instead on the
harsh realities of subscription and advertising revenues.  Both are
shrinking and this decline will continue. 

Just look at the Washington metropolitan area.  For the past 20 years or so The Washington Post has
had a virtual monopoly on one of the richest, fastest-growing cities in the
country.  The population has doubled, as any beltway commuter can attest,
but subscriptions to The Washington Post have declined.  In fact, if it weren’t for
the spectacular success of Kaplan, Inc. (their for-profit education arm), the
overall Washington Post company would be in terrible shape.   

Since I still read newspapers, I guess I’m old school.
Following on Buffett’s comments, however, I have to wonder if The Washington
Post, as we know it today, will exist in 20 years.  Will it be free?
Available only online?  Will it morph into a newsletter for old school
types like me?  Or will the Graham family sell off the media business and
concentrate on the education business?