Paul Sweeney, senior media analyst for Bloomberg Industries, on Monday discussed what billionaire industrialists Charles and David Koch could gain from buying major newspapers.
Noting that buying a large newspaper was currently not a smart financial decision, he said the Koch brothers and others were more interested in their “trophy value.”
“To the extent that they’re looking for a platform for their conservative political views, you know, owning these iconic papers in major political markets such as California, Illinois, Florida, for example, major swing states, that is certainly a good place to start.”
The Koch brothers have bankrolled a number of libertarian and conservative causes, including the tea party movement. They are currently looking at buying several newspapersfrom the Tribune Company, including the Los Angeles Times, the Chicago Tribune, the Baltimore Sun, the Orlando Sentinel and the Hartford Courant.
“This would be a very small transaction for them,” Sweeney noted. “These papers don’t come up for sale very often, they’re typically held by families who tend to pass them on from generation to generation, so when these papers do come up for sale we tend to see individuals such as Warren Buffett or some other wealthy individuals take a look at these papers, and I think the Koch brothers are a similar type of group.”
Watch video, uploaded to YouTube by Bloomberg, below: