A billionaire owner is fine as long as it’s the right billionaire

I’ve been defending billionaire media owners of late, noting that, despite the recent backlash, The Washington Post, The Boston Globe, the Star Tribune of Minneapolis and others are far better off for being owned by the ultra-wealthy than they otherwise would be. So let me recommend Richard J. Tofel’s latest post about an owner who is unfortunately turning into a glaring exception — Patrick Soon-Shiong, who is currently in the process of dismanting the Los Angeles Times. Tofel writes:

What has already happened in LA — and the worst for the Times is likely ahead, as it’s hard to see how the paper hasn’t now been launched into a downward spiral — is not so much a refutation of the notion that rich people can save important publications as a reminder that it matters which rich people are involved.

Exactly.

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