A popular new idea in the sagging newspaper industry is to bring in a new set of private owners who could bring hope of rescue from Wall Street's tyranny: hometown rich guys.
For example, PR
magnate Brian Tierney bought Philadelphia's Inquirer
and Daily News
in June. The hope is that vanity will deliver what greed could not: A stable business environment in which journalists
can serve the public with quality work while returning a modest profit to owners.
This may be fantasy. Remember, when news organizations are owned by hard-driving, fabulously wealthy
individuals--who amassed great riches by cutting corners, cutting costs and possibly cutting throats--there is no guarantee of protection. Tierney has already announced that jobs and spending at his
new property will have to be cut.
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