• Miami Herald, Tuesday, October 31, 2006 12:30 PM

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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