Billionaires buying up media: Savior complex or civic duty?

NEW YORK (AP) — The Washington Post. Time Magazine. The Atlantic. The Village Voice. The Los Angeles Times. All American media icons, all bought by billionaires in the past half decade. Some are thriving. One died. On the rest, the jury’s still out.

Still, for beleaguered news organizations the prospect of a deep-pocketed savior — even from the very same tech industry that has kneecapped the media’s traditional business model — is all but irresistible.

But success is not guaranteed. And risks run from industry outsiders making poor business decisions to exposure to undue influence on editorial operations.

For the billionaires, meanwhile, ownership of storied magazines or newspapers provides an alluring combination of a trophy property, a high-profile opportunity to demonstrate their business acumen and a chance to display highbrow civic-mindedness.

Categories: National & International News