Media

Feb 12, 2018

Billionaires to the rescue once again in the declining newspaper industry

The sale of The Los Angeles Times to health tech entrepreneur Patrick Soon-Shiong is a replay of the worn narrative of billionaires swooping in to prop up troubled mastheads -- for better or worse.

Christopher Warren

Journalist and media watcher

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.

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2 comments

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2 thoughts on “Billionaires to the rescue once again in the declining newspaper industry

  1. Graeski

    Huh? What’s a ‘newspaper’?

  2. AR

    Well the search for Truth and dissemination of facts in the Benighted Statesis clearly in good hands.
    If’n ya caint trust a billionaire, who can ya..?

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