Vanity Fair‘s Michael Wolff writes about a visit with a billionaire looking to invest in a daily periodical or two, a guy who “knew nothing whatsoever about the newspaper business, or news. Zip. Nada. I am not sure he quite understood that it was a bleak business. I offered that there are many people who believe that the commercial viability of big-city dailies will be kaput within five years. He said, with affable certainty, and as though agreeing with me, Oh, but there will always be lots and lots of people who want to read a newspaper. I pointed out that, actually, only older people read a daily paper — average age: 56.”
