When Nate Silver packed his FiveThirtyEight.com flag into a box this summer and trundled it from the New York Times, where it had flown for the last three years, for planting at ESPN, he cemented his status as one of the Marquee Brothers, that fraternity of overachieving reporters whose journalistic triumphs have inspired media outlets to grant them nation-state status inside the greater organization.
When journalists pressed William Henry Vanderbilt in 1882 about his plan to discontinue his railroad’s popular but unprofitable mail run, the richest man in the world reportedly exclaimed, “The public be damned!” Whether Vanderbilt said “be damned” or not — he claimed to have been misquoted — business titans of the Gilded Age routinely assumed this default posture.
Sometime in the mid-1990s, the Web began to peel from the daily American newspaper bundle its most commercial elements, essentially the editorial sections against which advertisements could be reliably sold. Coverage of sports, business and market news, entertainment and culture, gossip, shopping, and travel still ran in daily newspapers, but the audience steadily shifted to Web sources for this sort of news. Broadcasters had dented newspaper hegemony decades ago, absconding with breaking news and weather coverage, and inventing new audience pleasers, such as traffic reports and talk. But it was the Web that completed the disintegration of the newspaper bundle that dominated the news media market for more than a century. In addition to pinching the most commercial coverage from newspapers, the Web has also made off with the institution’s lucrative classified ads market, simultaneously reducing its status as the premier venue for content and advertising.
I resist making predictions if only to avoid the inevitable disappointment when they fail to peg future events. As best as I can tell, every forecast, every prophecy, every reading of entrails and chicken bones that I’ve committed to print (or its digital equivalent) has failed to come true. But this time I think I’ve read enough into my tea leaves to confidently assert my suspicion that in early October, after Jeff Bezos consummates the deal he made with Donald Graham to purchase the Washington Post for $250 million, one of his first acts of ownership will be to name Vijay Ravindran his publisher of the newspaper.
As the American newspaper business began its red-ink slide in the late 2000s, I fully expected a billionaire to rescue the financially struggling Washington Post. But I never thought its savior would be Amazon founder Jeff Bezos, who purchased the paper today for $250 million.