When the stock market tanks, you don’t pull your money out, you buy.
Just because newspapers are financially challenged, that does not mean there’s no more need for NEWS! And that’s the dirty little secret, despite all the opinionated bloviating online, there’s very little news gathering going on online, certainly not when it comes to the big issues of the day…finance, politics and international developments. This is what newspapers do best.
There’s no reporting at the TV station. Local outlets are all talking heads, models in a contest to air that which will get ratings. Cable outlets are not much better. And they and the networks take their talking points from newspapers. The “New York Times” might be struggling when it comes to income, but in terms of influence, the paper’s never been bigger, it’s a powerhouse. Because the “Times” has boots on the ground, and none of its competitors do…except for the “Wall Street Journal” and the “Washington Post.”
That’s what Bezos is buying. An army of news gatherers. And if you don’t think this is valuable, you don’t know the aphorism “knowledge is power.” That’s what separates the winners from the losers…information. He who has it wins. He who controls it has more power than any banker, any manufacturing titan. Yup, while the Grahams were asleep at the wheel, figuring they had to save the family fortune, Jeff Bezos saw an opportunity.