Buffet bailed out his local paper first. I worked there. It was "employee" owned in that you could buy stock, but the stock had to stay with the company and usually when the company got rid of people, the executives kept just awarding more and more stock to themselves. They kept paying themselves huge bonuses and talked publicly about record profits, but they maintained the profits by layoffs and pay cuts followed by more layoffs and pay cuts.
The publisher/CEO told me that the thought the internet wouldn't affect the newspaper industry at all. It was the same as radio and TV before it.
He also bragged about how proud he was of the newspaper's legacy of enacting change in the community via propaganda. When Nebraska was being considered for the first legal casinos outside of reservations, Atlantic City and Vegas, the World-Herald ran front page stories daily about how gambling was evil and would immediately destroy any metropolitan area it was in. So the casinos built right across the river in Iowa. Iowa has been rolling in tax revenue since then, while all the money comes from Omaha. The casinos haven't destroyed our city, but we missed out on all the tax revenue thanks to the paper. I also spoke to a reporter whose assignment was literally to slander someone running for city council in Lincoln, Nebraska as much as possible. He owned a sex toy company, which was against the morals of the paper, and they felt it was their duty to bury the guy. Oddly enough, the paper didn't have morals when it came to abusing employees and laying them off.
The company was run exceedingly poorly. Oddly enough, most of the suggestions I made to improve the company were implemented about two years later when the newspaper was somewhat forced to embrace the digital era.
Google News has said they'd share revenue with newspapers who feed them stories. And I specifically frequent news sites that have good writers and good view points. You can run a successful newspaper, though the physical product may eventually die out. It is a shame that Buffet is bailing out poorly run companies, because the same corrupt executives who lined their pockets as they laid everyone off just got rewarded for their behavior so it can continue some more.