Sheldon Adelson Behind Purchase of LVRJ
2015年12月17日 - 12:30PM
Dow Jones News
Sheldon Adelson, a billionaire casino magnate and major
Republican donor, backs the mysterious company that last week
purchased the Las Vegas Review-Journal, according to a person
familiar with the matter.
The more-than-century-old paper and its sibling publications
were purchased for $140 million in cash last week from New Media
Investment Group Inc. by News + Media Capital Group LLC, a
Delaware-based firm whose backers weren't disclosed.
The secrecy over the buyer drew interest across the media world,
and criticism from some corners. The paper's editorial board on
Wednesday wrote that "the lack of disclosure of the newspaper's new
ownership group compromises this publication's ability to demand
transparency of others."
Fortune earlier reported that Mr. Adelson had purchased the
paper.
A spokesman for Mr. Adelson declined to comment. Michael
Schroeder, the only News + Media Capital executive named in the
sale announcement, declined to comment. New Media Investment Group
didn't respond to requests for comment.
New Media Investment only controlled the Las Vegas
Review-Journal for a short time before selling it off. The company
in February agreed to pay $102.5 million for Stephens Media LLC, a
chain of eight daily papers, including the Review-Journal, and
dozens of weeklies. New Media Investment said it would enjoy an
estimated 69% gain on the transaction.
The substantial premium Mr. Adelson's News + Media Capital paid
comes despite a tough environment for newspapers generally, with
print advertising in decline.
Mr. Adelson, the chief executive of Las Vegas Sands Corp. and a
power broker in the Republican party, had been widely rumored to be
the mystery buyer. On Tuesday evening, the Republican presidential
primary debate was held at one of his hotels, the Venetian Resort
Hotel Casino.
The Review-Journal, Nevada's largest daily paper, has long
piqued Mr. Adelson's interest, according to people familiar with
the matter, though one person said he hasn't expressed interest in
other American media properties. Issues he has been concerned about
historically have been Israel, union issues and gambling policies
at the state and national level.
Mr. Adelson is no stranger to the publishing world. He already
owns a newspaper, Israel Hayom, in Israel.
Mr. Adelson sued Wall Street Journal reporter Kate O'Keeffe for
libel in Hong Kong in 2013. A spokeswoman for the Journal, which
wasn't named in the action, has said the newspaper will continue to
vigorously defend Ms. O'Keeffe in the suit, which is ongoing.
Alexandra Berzon and Lukas I. Alpert contributed to this
article.
Write to Keach Hagey at keach.hagey@wsj.com and Gregory
Zuckerman at gregory.zuckerman@wsj.com
(END) Dow Jones Newswires
December 16, 2015 22:15 ET (03:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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