They think it would be fun to run a newspaper: Billionaires are snapping up media to gain more control of the country

The announcement that Time magazine would be bought by software CEO Marc Benioff highlighted the growing trend of billionaires buying up media outlets. While media moguls have always been wealthy—with press barons (Rupert Murdoch, Michael Bloomberg, Donald Newhouse, etc.) still well-represented on Forbesrunning list of the world’s billionaires—what distinguishes this new breed of press magnate is that they bought their media properties with fortunes made in other industries.

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