$$$Billionaires flounder in
Attempts to save
print media
Even
billionaires haven’t been able to save print media from suffering a similiar
fate as horse-and-buggy manufacturers when Henry Ford introduced automobile
assembly lines to America.
Amazon founder Jeff Bezos bought the Washington Post in 2013 for $250
million but it did little to rescue the Post from its misery.
Biotech billionaire Dr. Patrick Soon-Shiong bought assets including the Los
Angeles Times for $500 million but improvement is barely a ripple.
Salesforce Founder Marc Benioff bought Time for $190 million and its still
struggling to break even financially 5 years later.
eBay founder Pierre Omidyar granted First Look Media, including The Intercept, $250 million in 2014 and has exited the business entirely.
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