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Yahoo Finance: Why tech billionaires are buying American newsrooms

1 October 2018

Professor Steven Barnett, Professor of Communications at the University of Westminster, commented on Yahoo Finance’s news article about why technology billionaires have increasingly been investing American newsrooms over recent years.

Marc Benioff, CEO of American cloud computing business Salesforce, last month became the latest technology entrepreneur to take control of a major news organisation after buying Time Magazine for $190 million.

Prior to this, Amazon Founder Jeff Bezos purchased The Washington Post, and Laura Powell Jobs, widow of Apple founder Steve Jobs, bought a majority stake of The Atlantic.

“It seems to be a growing phenomenon of newly wealthy owners of big tech companies. For some reason they’re attracted to old-fashioned legacy media”, said Professor Barnett.

“If you’ve been disturbed by some of the populist, white-nationalist tendencies in some social media, then I can see why you might be drawn to having a hand into what news is being created”, he explained.

Read the full article on Yahoo Finance here.

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