The Media Is Melting Down, and Neither Billionaires Nor Journalists Can Seem to Stop It:

It wasn’t all that long ago that a billionaire buying a storied news publication was a sign of hope and optimism. After all, they had money to lose, and they earned their fortunes by creating something new. Maybe they could figure out how to make media work?

And what about private equity? It’s an industry premised on turnarounds: acquiring underperforming companies, reimagining them and making them succeed.

Or the classic family-owned publication: Keeping a business in the family with no goal of excessive profits, just a certain amount of stability to keep the legacy alive.

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