EVEN BILLIONAIRES CAN'T RESCUE PRINT MEDIA

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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.