Is this really new? Hearst was probably richer than Benioff adjusted for inflation. The Chandlers, Bancrofts, Whitneys etc were all wealthy, as are Sulzbergers today. Warren Buffet’s been a newspaper investor for years. Who should own papers? Who else can afford it?
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In fact this sort of thing has been the norm. Ownership of newspapers by publicly traded companies was historically anomalous and probably contributed to their continuing collapse. I do think there's hope for the not-for-profit model, the path to which is via philanthropy.
End of conversation
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Newspaper economics is a place I'd really like to see more bold experimentation that doesn't rely on powerful sources of capital. Bundled subscriptions across outlets, worker-owned businesses, and state/local government funding all seem worth trying.
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He does not 'extol billionaire media saviors.' He argues that public-minded sole proprietors may be better than profit minded corporations. To say his argument is a direct rebuttal of yours is misleading.
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