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“Billionaires Wanted to Save the News Industry. They’re Losing a Fortune.”

“…As the prospects for news publishers waned in the last decade, billionaires swooped in to buy some of the country’s most fabled brands. Jeff Bezos, the founder of Amazon, bought The Washington Post in 2013 for about $250 million. Dr. Patrick Soon-Shiong, a biotechnology and start-up billionaire, purchased The Los Angeles Times in 2018 for $500 million. Marc Benioff, the founder of the software giant Salesforce, purchased Time magazine with his wife, Lynne, for $190 million in 2018…

…But it increasingly looks like the billionaires are struggling just like nearly everyone else. Time, The Washington Post and The Los Angeles Times all lost millions of dollars last year, people with knowledge of the companies’ finances have said, after considerable investment from their owners and intensive efforts to drum up new revenue streams…”

Let me tell these billionaires a secret. Maybe if these news organizations didn’t lie so much they would be profitable. In all honestly he majority of News organizations deserve to go out of business — and they would have if not for billionaires preventing it.

Guess who’s killing it in news? Independent news organizations. They’re exploding. Mainstream establishment news is dying.

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