I'm reposting this from what I just wrote on Facebook. By way of intro, I'm an out of work journalist who many years ago worked for the The Tulsa (Oklahoma) World as a reporter. What I'm addressing is not only what's wrong with corporate journalism, but what's wrong with corporate America and all of us in 2014.
What's on my mind is BH Media Holdings. A subsidiary of Berkshire Hathaway -- yeah, the sage of Omaha, Warren Buffett. BH Media was created to purchase The Tulsa World newspaper from the Lorton family. In purchasing The World, BH gained a large chunk of real estate in downtown Tulsa. Way beyond the newspaper's physical plant. This was not widely known and still isn't (the facts are available online; apparently few have bothered to search). And only reported by The Tulsa World if you read very carefully. There is a new Arby's restaurant about to open in downtown Tulsa, late this month or early next. Owned by franchisee U.S. Beef Corp. The building is owned by BH Media as a result of their purchase of The World. And guess who owns U.S. Beef Corp.? Berkshire Hathaway.
This 110 years ago was called a 'combine.' Thanks to Teddy Roosevelt, it became called a 'trust.' A monopoly. And was outlawed. It's why Standard Oil was broken apart, as was AT&T. AT&T has been allowed to recombine under what used to be called Southwestern Bell. Standard Oil likewise under what is now called Exxon-Mobil. Does anyone think this is good for us mere mortals? Our anti-trust laws have been emasculated over the last 35 years. And most of us have been the big losers.