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The news business faces a reckoning in 2024

Newspaper - AXIOS
Thought Leader: Sara Fischer
January 18, 2024
Source: AXIOS
Written by: Sara Fischer

A new report saying billionaire Patrick Soon-Shiong has sunk hundreds of millions of his own money into an unprofitable Los Angeles Times underscores how desperate the news industry is to chart a plan for survival in the digital era.

Why it matters: If billionaire owners can’t make the L.A. Times or the Washington Post profitable, then the news industry has to ask itself: What can?

Driving the news: A former top editor estimates the L.A. Times is losing $50 million a year, The Wrap reports.

The big picture: Every news company is trying to dig out of this hole — even ones that are still minting money.

Be smart: “Only legacy media organizations use the word ‘digital,'” Thompson added.

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