Newspapers: These are a few of my favorite playthings
The story of rich billionaires buying troubled newspapers is one that has been told before, but never with headlines that practically nod and wink at you like this one from the Financial Times:
Playthings for rich men could be unsafe toys
Tell us about it!
The story by Andrew Edgecliffe-Johnson explores the ups and downs of selling troubled, publicly traded newspaper companies to impossibly rich buyers. As he says, would-be press barons might find to their dismay that the old business model is dying. That means taking over a paper could be a reputation killer, not an enhancer.
The most interesting but sad item in the story is this tidbit:
The $5.6bn Rupert Murdoch’s News Corp paid in 2007 for Dow Jones, owner of the Wall Street Journal and several local papers, would now be sufficient to buy Gannett, the New York Times, McClatchy, Media General, Belo and Lee Enterprises, even at twice their current share prices.
Newspapers: We will not be undersold! There’s the real headline.