According to Fortune, multiple sources have confirmed that the new mystery owner of the Las Vegas Review-Journal is none other than Sheldon Adelson, chairman and CEO of casino operator Las Vegas Sands Corp. and a huge Republican contributor.
He reportedly paid $140 million for the Nevada operations of what once was the Stephens Media chain. That entire change, included seven other dailies and dozens of weeklies sold for $102.5 million less than a year ago. The buyer, New Media Investments, reportedly will continue to manage the Nevada publications.
The Fortune writer commented: “What remains unclear is why Adelson has refused to come forward. Clearly this isn’t a vanity play, and it’s also hard to imagine it as a financial investment (particularly given the steep price tag). What that leaves is political influence, particularly in a swing state like Nevada. That said, however, it would seem difficult to direct editorial coverage when the actual editorial writers are in the dark as to who signs their paychecks.”
Since Adelson and Sun owner Brian Greenspun are hardly friendly, what will the Justice Department say about the JOA?
Reblogged this on Nevada State Personnel Watch.
Bad news for John L. Smith!
Bad news … period.
Talk about burying the lede! Current R-J story ledes with Titus calling for new owner to come forward and ends with this: “Fortune Magazine, citing unnamed sources, reported Wednesday that it had confirmed Adelson’s ownership of the newspaper.”
Any predictions Thomas on how long he holds on to the paper?
Well, he is 82 years old.
Read a few of the comments in the RJ, people hoping he brings back the old guard to run the place.
Believe me, Adelson has no love for the old guard. The last time I saw him in the hallway in federal court, he refused to acknowledge me.
So Adeleson and Reid have the same feelings……
Maybe the lefty’s are right and billionaires ARE bad!
But I still would like to be one!
Money can’t buy happiness, but it will buy a fancy car or airplane in which you can go looking for it.
What really sucks about this, even if all the reports are wrong, the employees of the RJ are going to be very careful about doing any thing that might tend upset Sheldon Adeleson.
Certainly will change the tone of the stories in the paper and the way editorials are written.
The RJ has been leaning left lately, now it’s going to try and lean every which way but loose.
For Adeleson it’s a win win. For everyone else it’s a loss.
Having enough money to weather several years of unemployment. I agree, on its own, money can’t make you happy. But it does make it possible to find.
Well. that settles it.
The RJ is now a mouthpiece for Sheldon Adeleson.
so a major metropolitan newspaper is purchased as a Channukah gift for a billionaire’s wife.
This is good news! Ramona
From: 4TH ST8 Reply-To: 4TH ST8 Date: Wednesday, December 16, 2015 at 1:53 PM To: Ramona Morrison Subject: [New post] Fortune says Adelson new owner of Las Vegas newspaper
WordPress.com Thomas Mitchell posted: “According to Fortune, multiple sources have confirmed that the new mystery owner of the Las Vegas Review-Journal is none other than Sheldon Adelson, chairman and CEO of casino operator Las Vegas Sands Corp. and a huge Republican contributor. He reporte”