I think Warren Buffet is right to buy news organizations, and I wish I had his money so I could too. And so is Chris Hughes for buying New Republic.
Working news organizations are much more valuable than most people think. You just have to change the context to see that, and project out a few years.
It's all going to change when Twitter buys one of those new organizations. That's when the lightbulbs will go on for the owners of what remains of the worldwide news industry. Because if you change context, you see the news people as a leg-up for the owner of one online news network in competition with the others. A decent portion of the value of those online systems will be in people. Programmers matter, as do support people, testers, people who can keep data centers humming, and people who have their fingers on the pulse of what's happening in business, government, sports, education, travel, food, movies, theater, music, weather, science (I'm just running through the sections of a newspaper).