The newspaper industry might be struggling in the digital era, but that is not stopping billionaires from Berkshire Hathaway's Warren Buffett to Amazon founder Jeff Bezos from gobbling up the industry's assets, as CNN Monday reported.
"Billionaires love buying newspapers, even though the industry is struggling," CNN's digital video reported. "Salesforce CEO Marc Benioff is buying Time Magazine for $190 Million. Benioff and his wife Lynne say it's a family investment, calling themselves 'caretakers.'
In 2018, biotech billionaire Patrick Soon-Shiong bought the L.A. Times for $500 million.
"I believe there has to be a trusted news source that somebody could go to, that is fairly impartial, that really wants to report the news," Soon-Shiong tells CNN in the video.
The video also points to Bezos' $250 million purchase of The Washington Post in 2013.
"Bezos says buying the paper was a business endeavor, not philanthropy," CNN's video proclaims, adding the Post was profitable in 2016 and 2017.
"A lot of us believe this, that Democracy dies in darkness, that certain institutions have a very important role in making sure there is light. And, I think, The Washington Post has a seat, an important seat to do that, because we happen to be located here in the capital city of the United States of America."
The Boston Globe was purchased for $70 million in 2013 by Boston Red Sox owner John Henry.
"I invested in the Globe because I believe deeply in the future of this great community, and the Globe should play a vital role in determining that future," CNN quoted Henry as saying.
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