Robservations on the media beat:
Hansjörg Wyss, the Swiss billionaire who has his sights set on owning the Chicago Tribune, has been a major donor to progressive causes and the Democrats who support them, the New York Times reported Tuesday. Along with hotel magnate Stewart W. Bainum Jr., Wyss has made a $680 million bid for Tribune Publishing, exceeding that of New York-based hedge fund Alden Global Capital. “As a newspaper publisher, Mr. Wyss would be in a role very different from that of a behind-the-scenes backer of progressive causes,” the Times reported. “If he succeeds in his bid for Tribune Publishing, a chain that includes The Chicago Tribune, The Baltimore Sun and The Daily News, he could help shape news coverage for millions of readers.” Earlier the Wall Street Journal reported that Wyss ultimately plans to turn over control of the Tribune to a nonprofit trust. Continue reading