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?