Billionaire-Owned News Publications Suffering Major Losses

Despite Significant Investments, The Washington Post, LA Times, and Time Magazine Report Millions in Losses

Billionaires who bought news publications like The Washington Post, the Los Angeles Times, and Time magazine are reportedly losing millions of dollars, despite initial optimism about their business acumen and tech know-how.
The LA Times, bought by Dr. Patrick Soon-Shiong in 2018, is projected to lose $30 million to $40 million in 2023, and has already cut about 74 jobs with more cuts anticipated.
The Washington Post, purchased by Amazon founder Jeff Bezos in 2013, lost about $100 million last year due to sagging subscriptions and advertising revenue, leading to the elimination of 240 jobs.
Time magazine, purchased by Salesforce founder Marc Benioff and his wife Lynne in 2018, lost around $20 million in 2023, despite efforts to cut costs and grow audiences and advertising revenue.
Despite these losses, some billionaire-owned news organizations like The Boston Globe and The Atlantic are seeing success, with the former being profitable for years and the latter nearing its target of 1 million combined digital and print subscribers.