Koch Brothers Eye Big Media Purchase
April 22, 2013 by Sam Rolley
Charles and David Koch of Koch Industries have become hated by liberals for their constant support of conservative causes—at the same time, the brothers have enjoyed an on-again, off-again love affair with conservatives and Tea Party adherents. The brothers, who are some of the biggest donors to Republican and libertarian-leaning politicians, now have a plan to influence the media by buying up a series of newspapers.
From The New York Times:
Now, Koch Industries, the sprawling private company of which Charles G. Koch serves as chairman and chief executive, is exploring a bid to buy the Tribune Company’s eight regional newspapers, including The Los Angeles Times, The Chicago Tribune, The Baltimore Sun, The Orlando Sentinel and The Hartford Courant.
By early May, the Tribune Company is expected to send financial data to serious suitors in what will be among the largest sales of newspapers by circulation in the country. Koch Industries is among those interested, said several people with direct knowledge of the sale who spoke on the condition they not be named. Tribune emerged from bankruptcy on Dec. 31 and has hired JPMorgan Chase and Evercore Partners to sell its print properties.
The papers, valued at roughly $623 million, would be a financially diminutive deal for Koch Industries, the energy and manufacturing conglomerate based in Wichita, Kan., with annual revenue of about $115 billion.
Adding media megaphone to their already “grassroots” conservative endeavors could make the Koch brothers a political power akin to liberal billionaire George Soros, who currently enjoys several media holdings.
Would a Koch media conglomerate be a good addition to the current political sphere?