Why business leaders invest in news

Why business leaders invest in news


One thing that people can get smarter
faster about is the importance of, and the rise of, journalism philanthropy. Journalism is under attack. You are fake news. Its business models are hurting. Almost 30 journalists are being laid off. And in the face of that, people of means
have stepped in to buy publications and support this very important
pillar of our democracy. Examples of this are Jeff Bezos
buying The Washington Post, Marc Benioff buying TIME Magazine, Laurene
Powell Jobs buying The Atlantic, myself – I bought the Washington City Paper. So the problem really exists on two levels
– there’s issues at the national level, but the problems at the local
level are even worse. 1,800 local newspapers have
gone out of business since 2004. And studies have shown that
when these local publications go out of business, communities really suffer. The borrowing rates for local municipalities
go up when the community loses its local paper. This matters because in the face of serious
challenges, which threaten the very existence of these publications, local
individuals are stepping into the void and investing both their time
and their money to make sure that these institutions not only
don’t go away, but they thrive and flourish long into the future. I’ve seen firsthand the importance of
investing in these local community assets. These institutions shine a light on things that otherwise would not be
understood by communities. They hold people accountable,
and they’re important, important parts of our democracy
in our local communities.

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About the Author: Oren Garnes

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