Billionaires Buying Up Media Outlets: They Think It Would Be Fun to Run a Newspaper – Global ResearchGlobal Research – Centre for Research on Globalization
The announcement that Time magazine would be bought by software CEO Marc Benioff highlighted the growing trend of billionaires buying up media outlets. While media moguls have always been wealthy—with press barons (Rupert Murdoch, Michael Bloomberg, Donald Newhouse, etc.) still well-represented on Forbes’ running list of the world’s billionaires—what distinguishes this new breed of press magnate is that they bought their media properties with fortunes made in other industries.
Some, like Benioff, come out of the tech industry; tech tycoons like Amazon’s Jeff Bezos, eBay’s Pierre Omidyar and Steve Jobs’ widow Laurene Powell Jobs have profited from a tech boom (or bubble) that gives them plenty of cash to spend. Others come out of the financial sector, which has doubled its share of the US economy over the past 70 years. Real estate developer Mort Zuckerman—who owned The Atlantic from 1980–1999, the Daily News from 1993–2017, and still owns US News & World Report, which he bought in 1984—was a harbinger of non-media money coming into the media sector.