First, John Henry buys the Boston Globe for $70 million. Then, Jeff Bezos gobbles up the Washington Post for $250 million.
Is the New York Times next? Will Mayor Michael Bloomberg of New York eventually take over the New York Times, as many media observers (including this one) believe?
To paraphrase Citizen Kane, does he think it would be fun to own a newspaper? He could also acquire the Financial Times, if the New York Times wasn’t to his liking or the company simply refused to sell it. Bloomberg is regarded as one of the world’s most innovative and successful business leaders — clearly, as well as a respected mayor.
Bloomberg’s term ends at the end of the year. What he’ll do next is anybody’s guess. One of the world’s wealthiest individuals, Bloomberg has ample opportunities to do good and to do well.
He is a noted philanthropist, and a sharp businessman. He created the Bloomberg media empire a few decades ago and, before long, it had become one of the world’s most impressive news-gathering entities, thanks in large part to his vision, smarts and chutzpah.
M&A activity tends to come at a fast and furious pace in an industry. Once one notable company changes hands, others quickly follow suit, to keep pace with their newly enriched rivals.
Today’s story is the sale of the Washington Post to the Amazon CEO.
But tomorrow and beyond may belong to Michael Bloomberg.