All it took was a few years of higher interest rates and a depressed investment environment!
If Bezos can't get $100M of losses worth from the Washington Post by other means, well, he's not using it very well.
However since he switched from the "Democracy dies in darkness" ethos to the "ah fuck it bring on the darkness, I own all the torches" ethos, he eliminated the possibility of him getting benefit from owning and running an elite institution in the information ecosystem.
It's been really funny to see a lot of tech execs fail to understand power, and its sources, when outside of their tiny section of the economy. Peter Thiel might actually understand a lot more, but Thiel seems to be the only one capable of doing anything except losing their power in an oligarchy.
"Buy a newspaper and smash it to bits while submitting to fascists" is bad, whether or not his investment is underwater. How much money has Bezos lost on the WP? I have a very small violin for him.
He may well have thought _he’d_ be able to turn it around —like buyers of perennially losing sports teams and then he figured out he was wrong. It happens without malice —if anything it’s seldom due to malice. People don’t like losing money.
And a hundred million a year is play money to someone who earns (low estimate) $2m an hour.
I don't quite understand why, because refusing to endorse anyone is a neutral step. I've always found newspaper endorsements to feel slimy. I'm not ascribing some kind of noble reason for them choosing not to endorse Harris, but their move to was to endorse _no one_.
Pulling the endorsement after it goes the wrong way isn’t neutral.
> they refused to endorse a candidate.
> for them choosing not to endorse Harris
There was no "they" or "them" involved.
https://en.wikipedia.org/wiki/Democracy_Dies_in_Darkness
It might be still, I unsubscribed due to this nonsense. Went to the guardian.
Note a report on another WaPo layoff, from January this year, describes a layoff as "nearly 100 workers, or 4% of its staff" [1] which would of course work out to 2500 employees.
'Newsroom' employees are journalists, editors, photographers, fact checkers, foreign correspondents etc; non-newsroom employees are jobs like ad sales, customer service, printing, distribution, HR, IT, legal, finance etc.
So the $100M loss isn't $125k per employee, it's more like $40k per employee.
> He pointed to Bezos’s decision to kill the Harris endorsement—a “gutless order” that cost the paper more than two hundred fifty thousand subscribers.
This completely matches my own memory. When Bezos killed the WaPo endorsement of Harris my own social media feed was full of people encouraging each other to boycott and cancel WaPo.
You can also look it up on Rotten Tomatoes where it currently has a 99/100 audience score and then look it up on IMDB, where it has 1.3/10. I personally believe none of the two are completely legitimate, but I think it's pretty obvious which of the two is more astroturfed.
One rationalisation I've heard is that it made more money than expected for a documentary. If we take that at face value, it's worth asking why Bezos felt the need to pay Melania tens of millions more than the budget for the typical documentary.
Your case study in media bias writes itself. All it took was a google search.
> Melania film earns $7m in US, strongest documentary debut in over a decade