Mainstream Media Are Billionaire Media
We noted yesterday that the Washington Post is owned by one of the world’s richest guys, worth $72.8 billion … and who may soon become THE world’s richest.
And you probably won’t hear it from the New York Times, but the largest shareholder of the Times is the sixth wealthiest guy … worth $54.5 billion. He used to be THE richest person, but he’s slipped a little in the rankings.
It’s not just the Post and the Times …
Forbes reported last year:
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Billionaires have long exerted influence on the news simply by owning U.S. media outlets.
Some billionaires, like Rupert Murdoch and Michael Bloomberg are longtime media moguls who made their fortunes in the news business. Others, like Amazon founder Jeff Bezos, bought publications as a side investment after building a substantial fortune in another industry. Billionaires own part or all of several of America’s influential national newspapers, including The Washington Post, The Wall Street Journal and the New York Times, in addition to magazines, local papers and online publications.
Several other billionaires, including Comcast CEO Brian Roberts and Liberty Media Chairman John Malone, own or control cable TV networks that are powerful but not primarily news focused.
Here’s a look at some of the billionaires who own news media in the United States:
Michael Bloomberg – Bloomberg LP and Bloomberg Media
Michael Bloomberg, the richest billionaire in the media business, returned to his eponymous media company in September 2014, eight months after stepping down as mayor of New York City. One notable sign of his influence on the publication: Michael Bloomberg doesn’t appear on Bloomberg’s Billionaires Index. FORBES pegs his net worth at $45.7 billion. Bloomberg cofounded his financial data company in 1981 with Charles Zegar and Thomas Secunda, both of whom are now billionaires as well thanks to their minority equity stakes in Bloomberg LP. The company expanded into business news coverage and has more than 2,000 reporters around the world. In 2009, Bloomberg LP bought Business Week magazine from McGraw Hill for a reported $5 million plus assumption of debt.
Rupert Murdoch – News Corp
Rupert Murdoch, former CEO of 21st Century Fox , the parent of powerhouse cable TV channel Fox News, may well be the world’s most powerful media tycoon. He is executive co-chairman of 21st Century Fox with his son Lachlan and is also chairman of News Corp, which owns The Wall Street Journal and other publications. Altogether, his family controls 120 newspapers across five countries. Saudi billionaire Prince Alwaleed Bin Talal also owns 1e of News Corp, after cutting down his holdings from 6% in early 2015.
Donald and Samuel “Si” Newhouse – Advance Publications
Donald Newhouse and his brother Samuel “Si” Newhouse inherited Advance Publications, a privately-held media company that controls a plethora of newspapers, magazine, cable TV and entertainment assets, from their father. Advance owns newspapers in 25 cities and towns across America and is the country’s largest privately-held newspaper chain. Conde Nast, a unit of Advance Publications, publishes magazines including Wired, Vanity Fair, The New Yorker and Vogue. Si stepped down as chairman of Conde Nast in 2015.
Cox Family – Atlanta Journal-Constitution
Cox Enterprises , owned by the billionaire Cox family, counts The Atlanta Journal-Constitution and a number of other daily papers among its many media investments. James Cox, the company founder and grandfather of current chairman Jim Kennedy, bought his first newspaper, the Dayton Ohio Evening News, in 1898. The Cox Media Group Division today owns the Journal-Constitution and six other daily newspapers, more than a dozen non-daily publications, 14 broadcast television stations, one local cable channel and 59 radio stations.
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John Henry – The Boston Globe
Billionaire Red Sox owner John Henry purchased the Boston Globe in October 2013 for $70 million. Henry agreed to purchase the Globe just days after Bezos acquired the Washington Post. The Globe was previously owned by the New York Times for twenty years. At the time of his purchase, Henry said he didn’t plan to influence the paper’s sports coverage.
Sheldon Adelson – The Las Vegas Review-Journal
In December 2014, Las Vegas casino billionaire Sheldon Adelson secretly bought the Las Vegas Review-Journal. The newspaper’s own reporting outed the billionaire buyer, who reportedly arranged the $140 million deal through his son-in-law. Since then, there have been reports of Adelson influencing coverage of himself at a newspaper that in the past was often critical of the billionaire.
Joe Mansueto – Inc. and Fast Company magazines
Morningstar CEO Joe Mansueto made his $2.3 billion fortune at the investment and research firm he founded in 1984. One month after taking Morningstar public in 2005, Mansueto bought Inc. and Fast Company magazine from G&J USA. In a statement at the time, he wrote, “I wasn’t looking to buy a magazine. Or two, for that matter….I bought them because I’m passionate about their missions. Their past, present, and future contributions.”
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