A media-wide frisson greeted the news last week that America’s fourth largest paper, The Los Angeles Times had been bought by yet another tech billionaire whizz.

Health tech entrepreneur Patrick Soon-Shiong paid about AU$750 million to take the southern Californian papers, The Los Angeles Times and the San Diego Union-Tribune, out of American journalists’ least favourite media chain, Tronc. Soon-Shiong has joined his fellow tech-billionaires Jeff Bezos and John Henry in getting a trophy newspaper as papers become like sporting franchises -- something of a toy for the newly mega-rich.