The Wall Street Journal sold six years ago for $5 billion; the WaPo is selling for 1/20th of that. That’s the direction the newspaper business is headed. It is becoming a boutique business for extremely rich people—a way for them to luxuriate in the prestige, and cultural respect, and political influence that newspapers still command, to some extent.
And in case we were in danger of being of being overwhelmed by ornate elegies, Nigerian-American writer Teju Cole tweeted a more trenchant summation of yesterday’s events:
Capitalist Buys Thing.— Teju Cole (@tejucole) August 5, 2013