How Many Palm Beach Mansions Does A Tycoon Need?
Why, as many as ransacking America’s hometown newspapers can buy, of course! Read this stunning expose of vulture capitalist Randall D. Smith, whose investment firm makes a habit of buying and then destroying once-proud newspapers. Reporter Julie Reynolds explains how 6 of America’s 10 biggest newspaper owners now are investment firms, in this piece I edited for The Nation: https://www.thenation.com/article/how-many-palm-beach-mansions-does-a-wall-street-tycoon-need/
These days I never buy a print newspaper unless I have to for some reason. Giant firms continue to buy them up and they continue to lose ad revenue. Is John Nichols from the Nation still talking about bailing out newspapers? Totally ridiculous idea. You really want my money? Try doing your job as a journalist.