The Downside of Local Newspaper Ownership: A Cautionary Tale

Wendy McCaw, ex-wife of cell-phone tycoon Craig McCaw, bought her local paper—the Santa Barbara News-Press—in 2000 from the New York Times Co.

Of late, things have gotten very colorful. LAObserved sums it up nicely:

It’s definitely a lesson for those who wish for the Richard Riordans and David Geffens of the world to take over newspapers: be careful what you ask for.

But you do yourself a great disservice if you don’t read the lavishly-detailed and ridiculously entertaining accounts of all the mishegas here, here and here.

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