From an anonymous reader on what this person calls the “bored billionaire” syndrome. I think this is very on the mark for what the billionaire savior wants to accomplish when they rescue a struggling publication and why they often get tetchy pretty quickly.

I wanted to add to your post about the situation at the Washington Post. If I worked there, the thing I would be most worried right now is that Bezos has entered a very familiar and dangerous phase of his ownership for the newsroom. I call it the “bored billionaire” stage and, in my case, it comes from lived experience.

New billionaires don’t buy money-losing publications as charities whose losses they are willing to underwrite because they believe those publications ought to keep existing. (Old billionaires did: the Fleishmans and then the Newhouses with The New Yorker, the Hedermans and the New York Review, Marty Peretz — via his wife’s Singer inheritance — and The New Republic, etc.) 

A new episode of The Josh Marshall Podcast is live! This week, Kate and Josh discuss the verdict and fallout for convicted felon Donald Trump.

You can listen to the new episode of The Josh Marshall Podcast here.

We’ve now got the brass’s take on the shake-up at The Washington Post via Dylan Byers at Puck. I subscribe to Puck, and some of the people there are extremely good. Others I read because I want to know what *those* people are thinking. Dylan Byers is in that category for me. He covers media but in a very corporate, rah-rah, mergery, no-actual-interest-in-journalism kind of way. William Cohan covers the titans for Puck too. But I always learn a lot from his reports. Byers is out now with his report on what happened. In his version of events, Buzbee, the departed executive editor, was a bit of a fuddy-duddy, the kind of serious and well-meaning editor you’d expect at the head of a dying institution. Indeed, she was so not a player that, in his account, she participated in the planning for the Post’s new direction, creating a “third newsroom” and such, without realizing until the last minute that it was in part an effort to ease her out. So not a player.

If you’re a subscriber, read his account and if you’re not I think you can read the article by, like, giving them your email. The are two points which suffuse his account and which he in various places states explicitly. The first is that the British newspaper execs have “swagger” and the current Post lacks “swagger” and needs it desperately. Buzbee is a fine editor but lacks “swagger.” She came from the AP, as he notes. How can you have less “swagger”? The second is that the Biden era is boring — “somnolent,” as he puts it — and lacks the “go-go” excitement of the Trump era.

When I was mulling the WaPo news last night, I noticed a link to an article in the Journal on President Biden’s purported cognitive decline. I glanced at it with a mix of emotions and in a moment I had a flash of clarity about the larger question of newspapers, Britishization and oligarchdom. I realized that in spite of myself I’ve stuck with an unmerited inertia to the idea that the Journal still maintains a high firewall between its news and editorial pages, even though I know, partly from inside accounts, how radically that changed after Murdoch purchased the Journal going on 20 years ago.

A number of you have asked me to share my thoughts on abrupt shake-up at The Washington Post in which Executive Editor Sally Buzbee was abruptly forced out by turnaround CEO Will Lewis. I don’t know enough about the situation at the Post to add more than you’re hearing from other commentary. There are a lot of things that look bad and I’m fairly confident they are bad. But I don’t know the backstory or details well enough to do more than repeat widely shared impressions. But I have a few ancillary observations.

The first is a simple pattern, not terribly surprising, but still worth absorbing. We’ve seen a series of billionaires get into the news business by purchasing for-profit news entities with what seems like the implicit promise that their vast resources will allow them to focus on journalistic excellence even if that means running losses which the new owner can cover without much difficulty. This seemed like the Bezos concept. He bought the Post when it was seriously on the ropes and when its longtime family owners (the Graham family) simply didn’t have the resources to get the paper back to profitability or to secure its place as one of the 3-to-4 national U.S. newspapers.