The Nation recently published a splendid takedown of Randall Smith, a little-known Wall Street tycoon whose avarice has hollowed out daily newspapers from coast to coast. By “gutting” his papers, Julie Reynolds reports, Smith was able to amass the $57 million he needed to buy 16 mansions in Palm Beach, Florida. “Don’t just blame the Internet for journalism’s decline,” she writes. “Old-fashioned capitalist greed also strangles newspapers.”
The name of Smith’s newspaper empire is Digital First Media, an ironic moniker for an enterprise dedicated to the proposition that every last penny should be squeezed out of the shrinking print business. But the name isn’t just ironic — it’s also iconic. Although Reynolds doesn’t mention it in her story, it wasn’t that long ago that Digital First was created by a charismatic, foul-mouthed executive who was hailed as a possible savior of the news business.