Page 24 - aruba today

A24 TECHNOLOGY
Tuesday 25 sepTember 2018

This Friday, Sept. 21, 2018, combination of file photos shows from left, Laurene Powell Jobs, who has a majority stake in The Atlantic, Jeff Bezos, who bought The
Washington Post in 2013, Patrick Soon-Shiong, who bought The Los Angeles Times in 2018, John Henry, who bought the Boston Globe in 2013, and Marc Benioff, who
bought Time Magazine.
Associated Press
Billionaires buying up media: Savior complex or civic duty?

By BARBARA ORTUTAY people, Husni said. If their is in the low single digits. lisher, Peter Barbey, whose newspaper industry" and
NEW YORK (AP) — The investments don't work out, Bezos has said that the Post family made its billions in that the newspapers "must
Washington Post. Time it's not guaranteed they'll is profitable. But even if it the textile and apparel in- be run as a business in or-
Magazine. The Atlantic. The want to run publications as weren't, the world's richest dustry, bought the alterna- der to grow and thrive."
Village Voice. The Los An- charities. man — whose own com- tive weekly in 2015. Barbey Bezos didn't want the Post
geles Times. All American Billionaires are accustomed pany Amazon.com Inc. did wanted to save the Voice at first, when a friend first
media icons, all bought by to success. But they also not turn a profit for years after a series of ownership approached him about
billionaires in the past half have enough money to — would likely be more pa- changes, staff departures buying it. "I had no intention
decade. Some are thriving. fail. That includes tech tient than a hedge fund or and losses in readership of buying a newspaper,"
One died. On the rest, the magnates like Jeff Bezos, even Wall Street. and advertising that had he said earlier this month
jury's still out. who bought The Washing- For many of the recently left it in a state of perpetual at The Economic Club of
Still, for beleaguered news ton Post in 2013 for $250 purchased media com- peril. Washington, D.C. "It never
organizations the prospect million, or Marc Benioff, the panies, it is too soon to tell He shuttered the print edi- occurred to me. It wasn't
of a deep-pocketed savior Salesforce CEO who just whether their new own- tion last summer in an at- like a childhood dream."
— even from the very same snapped up Time Maga- ers are content waiting for tempt to save money. It He said he changed his
tech industry that has knee- zine for $190 million, and years. didn't save the Voice. mind because he real-
capped the media's tradi- even Steve Jobs' widow, "They want publications to "Like many others in pub- ized it was "an important
tional business model — is Laurene Powell Jobs, who be run in a businesslike way lishing, we were continually institution." That purchase
all but irresistible. has acquired a majority and not be throwing mon- optimistic that relief was has received steady criti-
But success is not guaran- stake in The Atlantic. ey around and owing mon- around the next corner," cism from President Donald
teed. And risks run from Benioff told the technolo- ey," said Rick Edmonds, Barbey wrote. Trump, who says Bezos is us-
industry outsiders making gy journalist and New York media business analyst at Longtime media analyst ing it as a mouthpiece to
poor business decisions to Times columnist Kara Swish- the Poynter Institute. "That Ken Doctor said the new support Amazon. The news-
exposure to undue influ- er this week that he sees would sour them." wealthy owners sometimes room says Bezos stays out
ence on editorial opera- Time magazine as a startup Joe Ricketts, the founder forget that it's not the de- of editorial decisions.
tions. that's been "opportunity and CEO of TD Ameritrade cline of an individual com- "It is the newspaper, in the
For the billionaires, mean- constrained." and owner of the Chicago pany, but an entire indus- capital city of the most
while, ownership of storied "But we are here to un- Cubs, shut down two popu- try, they are witnessing. important country in the
magazines or newspapers shackle them," he said. lar New York news sites last "It has been on the decline world," he Bezos said. "The
provides an alluring com- Having these tech titans year citing business reasons for a decade and no one Washington Post has an in-
bination of a trophy prop- enter a centuries-old indus- — a week after their staffs has turned that around," credibly important role to
erty, a high-profile oppor- try could help bring in fresh voted to unionize. He found- Doctor said. play in this democracy."q
tunity to demonstrate their ideas and new blood, not ed one of them, DNAinfo, John Henry, the principal
business acumen and a only reinventing the maga- in 2009 and bought New owner of the Boston Red
chance to display high- zines and the newspapers York's Gothamist earlier in Sox, paid $70 million for The
brow civic-mindedness. but also the ages-old busi- 2017 (Gothamist was later Boston Globe in 2013, but
"There is nothing more sat- ness model of relying on purchased and restarted five years later he is still try-
isfactory than seeing your advertising for revenue, by the public radio station ing to turn the paper's busi-
name on top of a mast- Husni said. WNYC). ness around. Biotech bil-
head as publisher or edi- "What they see even more "That was a pretty clear lionaire Patrick Soon-Shiong
tor or owner," said Samir A. than even people in lega- case of a business person bought The Los Angeles
Husni, journalism professor cy media," he said, is the choosing to exit the busi- Times and other newspa-
at the University of Missis- need to change the indus- ness because of the busi- pers this year for $500 mil-
sippi. try's business model. ness problems with it," Ed- lion, saying they are "more
While some new billionaire Still, a deep-pocketed monds said. vital than ever" and calling
owners say they are doing newspaper owner who has New York's iconic Village fake news "the cancer of
it for civic purposes and civic duty and a higher pur- Voice closed down last our times."
to ensure that journalism pose in mind may be more month after 63 years of But Soon-Shiong also ac-
will continue as an institu- forgiving if that newspaper Pulitzer Prizes, muckraking knowledged that digital
tion, at the end of the day doesn't immediately turn a investigations and its infa- shifts "pose an existential
these folks are still business- profit, or if that profit growth mous personal ads. Its pub- threat to the traditional