What else does one want? A bigger yacht, a faster sports car or a sporting champion? The number of billionaires who have chosen to buy prestigious journals and newspapers that have had a hard time is increasing recently.Billionaires earned their fortune after the end of the most spectacular days of journalism.
Now, they’re pulling the noise of the news centers. The last example of this was that of Marc Benioff, who received Time magazine and his wife. Since 1923, the magazine reflected the US’s view of world events. Strong and rich people still care about taking part in the magazine’s red framed cover. $ 190 million to Time for Benioff, who sells software to companies, is only a small part of his wealth.
The Los Angeles Times was bought by biotech billionaire Patrick Soon-Shiong. Benioff went the way of Jeff Bezos, who bought the Washington Post with a billion of dollars five years ago.
Laurene Powell Jobs, wife of Apple’s founder, Steve Jobs, has acquired a majority stake in The Atlantic. South African biotech billionaire Patrick Soon-Shiong, including the Los Angeles Times in the United States to some of the newspapers on the western side of the system has passed.
Press agencies have reduced sales and have to compete with internet for advertising revenue. For this reason, they are ready to throw themselves in the arms of the news-savvy rich. Douglas McCabe, media analyst at Enders Analysis, commented on why. He says that in the early days, advertisers wanted to give less money to the digital media. These factors reduce the attractiveness of the media sector in the eyes of investors.
Time has been sold due to a decrease in sales and advertising revenue
So, what is the motivation of attracting the rich to this sector if the target is not making money?
The rich were always interested in news broadcasting because the influential media organizations give their owners access to and influence of the masses.
But the new generation of billionaires have other motivations. The first of these motivations is their ego and they really believe that they can do good. Second, media organizations think that they live in a lack of financial intelligence. They tend to believe that the newspaper will work well again when they own a property like themselves.
Jeff Bezos provided more funding to the Washington Post
Using Amazon’s massive access, they increased the number of subscribers and rivaled the New York Times. The success of Bezos in the Washington Post has inspired others. Initially, Bezos was supposed to advertise Amazon or use the newspaper for its own companies. Though there were concerns that he would use the Post in political or economic interests, they did not.
Some billionaires, such as Jonh Henry, who took the Boston Globe, opted to get involved in the editorial line. However, they did not apply the same thing to the news center and kept the distance. Instead, they focused on developing new business strategies.
They do not mean that investors do not have a sense of public office.
Soon-Shiong was influenced by the expansion of apartheid in South Africa, where press freedom was restricted in the LA Times. He promised to fight fake news, which he described as (the cancer of our times). In a letter to his readers, he declared that the newspaper he received would be a bastion of independence. He wrote that he would protect the democracy and take the medicine for the disinformation.
When he took the Post, Bezos talked about his role in defending democracy. Powell Jobs also said that the investment would enable the Atlantic to fulfill its important mission in critical times.
Is it a good thing for the press organizations to have rich owners who aim to protect the public debate?
We need to think about what the alternative is. Over the last hundred years, we’ve seen a large number of media bosses get their workers out for more profit. In that respect, it is a good thing for individuals who think public to try journalism. But that doesn’t mean they’re always going to be successful.
Facebook co-founder Chris Hughes invested $ 20 million in the 100-year newspaper The New Republic in 2012. Nevertheless, he did not stop losing his employees and readers and sold the newspaper after four years.