Saturday, January 24, 2009

A chance to be the next Citizen Kane

One thing that the crisis in the media is creating is the chance for people witgh money to invest to become their own version of citizen Kane.

That's the view of Andrew Edgecliffe-Johnson writing in the FT today who says that

Alexander Lebedev, the KGB spy-turned-tycoon, bought control of London’s Evening Standard a day after Carlos Slim, the Mexican telecommunications magnate, had thrown a $250m lifeline to The New York Times. Alexander Pugachev, the son of a Russian oligarch, stepped in with a bid for France-Soir, a struggling French evening title.
although he adds that

Even if bolstering reputations turns out to have been the motive for this week’s investments, people with an interest in the expensive business of journalism should be relieved. For a moment it had seemed newspapers might no longer even have a future as the playthings of the rich, given the grief they have caused recent buyers

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