Friday, October 22, 2010

Examiner owner has $3 billion payday

Remember the scene from "Citizen Kane" when a worried accountant tells Kane that his newspaper is losing a million dollars a year. And Kane responds, "You know, Mr. Thatcher, at the rate of a million dollars a year, I'll have to close this place in 60 years."

So how long will billionaire oilman Phil Anschutz keep subsidizing the San Francisco Examiner? Forbes Magazine says Anschutz just sold some oil fields in Pennsylvania and North Dakota for $3 billion — the biggest payday in his life.

1 comment:

Fred Dodsworth said...

America has a horrible infection of billionaire-itis. While the average newspaper reader is lucky to have a job paying $50,000 a year, the folks who own the presses live in a never-never land where a million dollars is chump change. How about a few more tax cuts for the rich to "get the economy moving"? All that money and so little news of value. Where are the groundbreaking, investigative stories that could bring this country back from the brink? Why are newsrooms being decimated and salaries stagnant when clowns like Hearst, Anschutz,, Zell and Singleton are able to squander hundreds of millions thoughtlessly? There's something very, very wrong with this picture but you won't read about it in your daily newspaper.