Billionaires have long been known to donate loads of cash to nonprofits or create their own foundations in the name of “giving back.” Now, they’re also seemingly buying media companies.
Marc and Lynne Benioff, who just bought Time magazine from Meredith, join Jeff Bezos, who purchased The Washington Post in 2013; Laurene Powell Jobs, who acquired a majority stake of The Atlantic through Emerson Collective last year; and Patrick Soon-Shiong who finalized his purchase of The Los Angeles Times earlier this year, as the latest billionaires to acquire publications.
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