Being owned by a billionaire is a struggling newsroom’s dream. But it can turn into a nightmare
Not all rich people spend their money on space travel and charities. Some also want to own media companies.
Jeff Bezos has The Washington Post. John and Linda Henry have The Boston Globe. Marc and Lynne Benioff have Time magazine. Laurene Powell Jobs has The Atlantic. And soon, most likely, Stewart Bainum Jr. will have The Baltimore Sun.
Bainum Jr., a businessman and former politician, is planning to take over The Baltimore Sun Media Group, a part of Tribune Publishing, and turn it into a nonprofit. But the rest of Tribune’s papers, which includes The Chicago Tribune and The New York Daily News, will likely be owned by Alden Global Capital, a hedge fund that has become synonymous with deep cost cutting measures at newsrooms.
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Being owned by a billionaire is a struggling newsroom s dream But it can turn into a nightmare
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Being owned by a billionaire is a struggling newsroom s dream But it can turn into a nightmare
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