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May 9 - Another Billionaire Owner Wants Government To Save His Failing Business



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 1 month ago '07        #1
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yola  topics gone triple plat - Number 1 spot x51
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May 9 - Another Billionaire Owner Wants Government To Save His Failing Business
 

 

Biotech Mogul Behind L.A. Times Says Papers Need Government Aid

(Bloomberg) -- The owner of the Los Angeles Times is calling on the government to throw its support behind newspapers, saying the loss of advertising to tech companies and declining readership threaten local journalism.

“The government needs to step in a little bit,” Patrick Soon-Shiong, the billionaire biotech entrepreneur who bought the Times in 2018, said in an interview.

While a few newspapers -- like the New York Times and Wall Street Journal -- are thriving thanks to growing online audiences, many are shrinking due to the loss of ad sales and readers.

The Los Angeles Times has about 240,000 digital subscribers.

That’s far behind the New York Times, where the digital subscriber base has grown to 6.9 million.


Soon-Shiong, 68, didn’t outline specifically what he’d like the government to do, but he said tech companies, which generate ad revenue by hosting news articles and videos from others, should pay newspapers for their content.

The Times received a $10 million coronavirus a*sistance loan from the government to help cover payroll and other costs, the newspaper reported in March.

“I’m not asking the government to do anything drastic, but they have to step in and find a way to support the viability of this whole industry,” he said.

“There has to be a resolution to this inequality of usurping information and destroying, frankly, democracy, in the long run.”

In the U.S., legislation has been introduced that would let newspapers band together to negotiate revenue-sharing terms with Facebook and Google without violating antitrust laws.

The Australian government passed a law this year that requires the tech giants to pay newspapers for their content.

The two companies have also struck deals with publications in some countries to pay for articles that run on their platforms.

Even if the U.S. government comes to the aid of newspapers, that won’t be sufficient if the industry can’t get enough readers to pay for subscriptions, Soon-Shiong said.

“The platforms have taken away all the advertising dollars,” he said. “Subscription is going to be the only solution.”

Soon-Shiong also has been under pressure to increase the racial diversity of the Times newsroom. Earlier this week, the paper hired Kevin Merida, who is Black, as its next executive editor.

Merida, who most recently oversaw coverage of race, culture and sports as head of ESPN’s site the Undefeated, spent about two decades at the Washington Post.

At the Post, he rose to managing editor for news and features and oversaw its universal news desk.

Soon-Shiong acquired the Times, along with the San Diego-Union Tribune and other publications, from Tribune Publishing Co. in a $500 million deal.

The Wall Street Journal recently said he has considered selling the Times, though Soon-Shiong described the report as “inaccurate.”

Soon-Shiong is also a key player in the drama over the future of Tribune Publishing.

He is the second-largest shareholder of that newspaper chain, which owns the Chicago Tribune, the New York Daily News and other titles.

The hedge fund Alden Global Capital appears poised to take over Tribune after a rival bidder lost a crucial financing partner.

Soon-Shiong, who serves as chief executive officer of NantHealth Inc., said he’ll decide later which bid to support.
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 1 month ago '07        #2
yola  topics gone triple plat - Number 1 spot x51 OP
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you ever notice that capitalists have many reasons why their businesses fail, but none of them include the owner, the environment or the business model?
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 1 month ago '20        #3
Xiox  topics gone triple plat - Number 1 spot x1
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Let it fail
+19   

 1 month ago '14        #4
PolarBear 
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Time to wrap it up...
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 1 month ago '11        #5
Sin  topics gone triple plat - Number 1 spot x30
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He needs to adjust with the times or sell it to someone who can
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 1 month ago '21        #6
TheIronyIsThat 
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“There has to be a resolution to this inequality of usurping information and destroying, frankly, democracy, in the long run.”
Hmm. Nah.

So should LA TIMES, TMZ and every other news organization be paying the people they steal content and information from on a regular basis?

While I do agree with the fact that, obviously, subscription-based newspapers and type or written-based information is becoming less and less appealing—

—I dare say 'archaic', VISUAL and AUDIO MEDIA is at an all-time-high.

The problem is there is an over-saturation of EVERYTHING that can be easily done with little to no effort.

Also:

Soon-Shiong, 68, didn’t outline specifically what he’d like the government to do,
Lol.


Last edited by TheIronyIsThat; 05-09-2021 at 08:23 AM..
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 1 month ago '16        #7
Blunted Sultan  topics gone triple plat - Number 1 spot x6
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Support local journalism

CNN & co need to fall off the cliff tho

 1 month ago '15        #8
isthistobe  topics gone triple plat - Number 1 spot x19
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WSHH> local news
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 1 month ago '14        #9
strungout  topics gone triple plat - Number 1 spot x3
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Majority of boxden would rather get their news from instagram than the la times ..a damn shame
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 1 month ago '16        #10
00010111  topics gone triple plat - Number 1 spot x4
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 yola said
you ever notice that capitalists have many reasons why their businesses fail, but none of them include the owner, the environment or the business model?
Capitalism when they win, socialism when they lose.
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 1 month ago '11        #11
T-800  topics gone triple plat - Number 1 spot x5
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Wait, this whole time Facebook and Google been sharing newspaper articles without paying them??? Which idiot at these papers is responsible for letting them getting finessed
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Top 10 most propped recently  1 month ago '04        #12
PTAH  topics gone triple plat - Number 1 spot x2
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No innovation on his end just outdated business models! But we in the handout era now sooo.... but he do need to wrap it up and step down




 PolarBear said
Time to wrap it up...
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 1 month ago '17        #13
myPOWER 
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 yola said
you ever notice that capitalists have many reasons why their businesses fail, but none of them include the owner, the environment or the business model?
Those are the same excuses people use everyday as to why they don’t succeed.

I can tell you though, when asking for help from the government or investors - it doesn’t do you any good to admit those issues. That doesn’t mean they actually don’t understand what the real issues are.

With people, they generally with never blame themselves. Only anything but.

 1 month ago '18        #14
br82186  topics gone triple plat - Number 1 spot x22
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Why y’all put up the Indian n-gga from Arsenal as the pic for the thread

 1 month ago '17        #15
StanlitoTheFly  topics gone triple plat - Number 1 spot x42
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 br82186 said
Why y’all put up the Indian n-gga from Arsenal as the pic for the thread
It does that...

You will see a random thumbnail which has nothing to do with the thread apparently because of keywords

 1 month ago '11        #16
Sin  topics gone triple plat - Number 1 spot x30
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 T-800 said
Wait, this whole time Facebook and Google been sharing newspaper articles without paying them??? Which idiot at these papers is responsible for letting them getting finessed
I mean look at BX news section, it cost nothing to post
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 1 month ago '04        #17
jholla31 
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you all fail to realize the impact The LA times has had on the history of that region, yet alone its place among the other great cities centers of REAL journalists.

journalism has helped expose a lot of people to information that would have a hard time otherwise getting news.

I fear that without having some reputable vanguards in the mix, the integrity could be compromised.

 1 month ago '17        #18
2007 
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Stuck in the past.

 1 month ago '09        #19
slayer2020 
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Viewership will always be there on a platform offering news. Accordingly, advertisement will follow. Yes, people are dumber now and don’t appreciate quality journalism; however there is sustainable revenue in the model, nonetheless. No bailout.

 1 month ago '15        #20
TheCompanyMan  topics gone triple plat - Number 1 spot x1
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 strungout said
Majority of boxden would rather get their news from instagram than the la times ..a damn shame
Especially since Instagram news is primarily aggregation from major outlets.



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