Nice column by the L.A. Times’ Michael Hiltzik about the breathless greeting every billionaire who buys a newspaper company receives. Summed up:
“Why do we keep getting taken in? Partially it’s the recognition that the economics of news-gathering are daunting in the modern age, solutions hard to come by, and the success of everything that’s been tried is still uncertain at best.”
I wrote something similar the summer of last year after Jeff Bezos bought the Washington Post, but I hadn’t revisited any of the cases I raised there. Hiltzik’s column saves me the work on Bezos (“The Washington Post has done superb work under its new owner,” he writes, and I would add that while it’s still early to judge the financial performance, things appear encouraging) and Aaron Kushner’s Orange County Register (“the Register is staggering financially”), plus adds a couple of new cases of billionaires jumping into journalism (though not newspapers).
But I still like my post’s ending better.