Friday, December 18, 2015

Sheldon Adelson buys Review-Journal

After a few days of intrigue surrounding the mysterious purchase of the Las Vegas Review-Journal, the buyer was finally revealed to be Sheldon Adelson. The Las Vegas Sands (parent company of Venetian and Palazzo) owner and CEO paid $140 million for the newspaper.

Adelson is known for his political views, so the newspaper's purchase is likely more about influence than profits (if there are any). It's somewhat surprising that Adelson would choose to buy a Las Vegas newspaper though. Most of his company's profits come from overseas.

The RJ likely already aligned with Adelsons political views. It's known to lean a little to the right, causing Democrat Harry Reid to openly bash the newspaper.

Some people are speculating the $140 million purchase price was more than the newspaper is worth. Sheldon Adelson likely doesn't care though. He's one of the richest people in the world - his Las Vegas Sands shares are worth almost $3 billion.