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Seemingly as I was writing my last post, Jeff Bezos was poasting himself – it did not go well.

Matt Pearce – who I should be clear, I think is one of the smartest and most committed people out there fighting for journalism – yesterday had advocated for subscribers not to cancel their subscriptions to the Post or to his former home, the Los Angeles Times. His basic argument boils down to this:

“The cost of canceling subscriptions here is to hike the price of journalistic ethics for journalists. That’s because the journalists trapped at these companies, who were not responsible for any of this, who already have fewer and fewer high-quality alternatives to work for, are staring at a consumer reaction whose first and only certain consequence is to make their money-losing newsrooms even more reliant on billionaire subsidies and thus more exposed to the incompetence or fecklessness of the owner, whose other businesses have far, far more to lose economically from favoritism or discrimination by the federal government. More newsrooms dependency on a single source of revenue means less leverage for journalists to talk back, lest those subsidies — and therefore many of America’s last remaining high-quality journalism jobs — suddenly go away. This is while the journalists and their unions at the Los Angeles Times and Washington Post are vigorously making the case to the public that journalistic integrity does not and cannot rest in the hands of ownership.”

I get it. But as I noted with Drew Harwell’s similar “it’s not our fault” lament, I think it badly misses the point both from the perspective of both audience and the structure of these enterprises as billionaire-owned publications. Pearce continued in this vein in today’s post, writing:

“The reality is that accountability journalism is in a dependency stage now, and as far as donations go, speaking as a journalist, my bias is that it’s generally better to be beholden to subscribers than to the out-of-touch whims of billionaires or philanthrophic foundations.”

This is both correct and imprecise. The “now” is correct, but it did not start now – in the case of the Post it started in 2013, when Bezos bought the paper; for the Times it’s at least since 2018 with Soon-Shiong’s purchase of the paper. From that moment forward the papers’ fates were up to billionaire whim, not any particular business reality.

But beyond that, I want to take issue with Pearce’s insistence that it’s “better to be beholden to subscribers” than to billionaires – which I would agree with if that were true – but it’s not. Under Bezos and Soon-Shiong’s ownership, every dollar of subscription revenue to their newspapers goes, effectively, into their pocket – they then write a check that might be more or less than that+advertising revenue to cover the paper’s operating expenses; in no case is that an amount of money they will miss. But it’s not as if the newsroom gets control of subscriber revenue – the money is all fungible and the money all goes to and comes from the owner.

I wish this weren’t so! I wish that the workers at both publications were its owners, instead, and that subscriber revenue really was what they were beholden to – but wishing doesn’t make it so. Now – will Bezos use the decline in subscribers as an excuse to cut newsroom jobs? Maybe! But we don’t have to believe him, because he’s lying – he really does have an amount of money that for the scale of human life and individual endeavor, is infinite. He can do whatever he likes – the first thing he decided to do when he bought the paper was cut employee retirement benefits – and it’s important not to listen to why he says he’s doing so (see: his juvenile editorial) but to merely look at the material realities of his actions and then think through for ourselves why it might be so.

I can totally understand why Matt is making the case that he is, and I do agree that in the short run “every journalism job lost at Washington Post or the Los Angeles Times, with their existing scale and audiences, is extremely unlikely to get replaced at ProPublica or anywhere else on a 1:1 basis.” But my argument is that whatever jobs are lost under the reign of Bezos, Soon-Shiong and others (which could be every one – they could just shut down the papers tomorrow) were dead letters not from this moment of non-endorsement and audience revolt, but from the moment of their purchase of the papers.

Audiences, as I’ve argued and will continue to argue at greater length, have been abandoned by our newspapers and media institutions for quite some time. I take no issue with those who, as Matt suggests, stick around to support (in what way they can) the journalism being produced by legacy institutions. I also cannot criticize those who can no longer support these billionaire-owned institutions and, more importantly, do not wish to have that be their information environment. As others have pointed out, this breach of trust means you must have heightened skepticism of everything else from these papers going forward – this is why I had cancelled my Post subscription not this past week but when Bezos hired Murdoch factotum/possible criminal Will Lewis as publisher, months ago.

What Matt is arguing for is to buckle down and wait it out “until we can break it via major antitrust action or through substantial subsidy” – but in the case of these newsrooms, neither seems likely to actually address the problem of their specific ownership. This is a difference in degree but not kind to those who argue in favor of sticking around Twitter to fight the good fight, or until Elon sells it, or ____. Neither the Post nor Times is a toxic cesspool along the lines of Twitter, or anything like it (though notably they are still posting there), but there is nothing stopping Bezos or Soon-Shiong from making them so. Likely, almost all of the current staff would quit rather than go along with such a project, but that is their own decision – just as it is the audience’s decision to jump ship.

A further note: I subscribed to the Post out of some combination of nostalgia for the paper of my youth, refusal to subscribe to the New York Times, and the good sports coverage+Alexandra Petri. But the Post is already not the paper of my youth, and I am not a child – they gutted local coverage for many years under the Graham ownership regime – they were a leading voice for the Iraq war and have had shameful editorial coverage of Israel’s war in Gaza – their (along with the NYT’s) horserace coverage of politics has been a truly malign force for 30 years. Many great journalists still work there, but it is, as many legacy publications are, also complicit in the undoing of the information space in this country over the last decades. I don’t wish for its destruction, but that’s not up to either me or its subscribers – it’s up to Jeff Bezos and him alone. What I wish for myself as for subscribers to news institutions everywhere is a better information space – and that is something that is up to us, through our individual actions, and the new and emergent institutions we support going forward.

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On October 25, 2024, word began to spread across social media – the Washington Post was not going to make an endorsement in the 2024 Presidential election. The publisher, Will Lewis, wrote a milquetoast defense, saying “We are returning to our roots of not endorsing presidential candidates” – notwithstanding that the Post had endorsed a candidate in every race save one, since 1976. What was implicit became explicit soon after – centibillionaire Jeff Bezos, who had purchased the Post for $250MM in 2013, had spiked the paper’s endorsement of Kamala Harris. 

Neocon-stalwart-turned-Trump-antagonist and Post editor-at-large Robert Kagan resigned his position – the first of a cascading series of editorialists to do so – alleging that Bezos’ action preceded his meeting with Donald Trump, regarding possible future contracts for Bezos’ Blue Origin rocket company (yes the ones that look like giant dicks). The evidence there is fairly thin and mostly by implication, but it doesn’t really matter whether the sudden decision was to curry favor with once-and-possible-future President Trump; or in fear or political reprisal from same; or an honest expression of Bezos’ politics as one of the world’s richest men, and by nature no fan of democratic institutions or regulatory oversight. Bezos can afford to hold any and all of those views at once – maximum optionality is part of the impunity his wealth brings. What matters is that the promise made on Bezos’ purchase of the Post from its longtime owners, the Graham family, had been fulfilled: it no longer existed for the audience and their edification but rather for his narrow and fleeting impulses.

The Post’s torching of its generational good will occurred almost exactly a month to the day after the erstwhile Oakland Athletics played their last game in the remains of the Oakland-Alameda County Coliseum, the wretched, glorious yard filled one last time with a public fully betrayed. Its owner, in this case a ne’er-do-well scion of unconscionable wealth rather than a personal accumulator thereof, made good on a similar promise: to do whatever it was that he wanted with the team, fans or future potential fans be damned. The A’s and the Post are in much the same business, now, and the consumers of their product in much the same predicament.

City newspapers exist (or in many cases, existed) in a strange tension, much in the way local sports teams do – as something like a public trust and source of civic identity and collective meaning, on the one hand; and as ruthless and often massively-profitable businesses, on the other. Historically both papers and ball clubs have been owned by local worthies, and while the line between their business and the paper’s editorial stances was always blurry, they were first and foremost engaged in the material doings of the city where they were based. Even scions of obscene wealth like William Randolph Hearst made the bulk of their money in the business of newspapers.

Recent years in both media and sports have seen a turn, with family publishers like the Grahams making way for billionaire arrivistes like Bezos and the Los Angeles Times’ Patrick Soon-Shiong (who likewise recently spiked his paper’s endorsement of Kamala Harris) and the vulture claws of Alden Global Capital, much as hedge fund titan/criminal Steve Cohen’s Mets and the Dodgers’ Guggenheim Partners leave the NFL’s Rooney and Mara families as relics of a bygone age. Alternative ownership models exist, but for the time being as quirky exceptions, if also possible futures to imagine on.

Local, dynastic ownership of these quasi-public-trust/money machines could always be contentious, and often embittered, but the family model was fundamentally a bet on the long term – that this source of power, their relationship to the good will and in meeting the information or entertainment needs of the city, would pay off over time, to them and their children and on down the line. That this money and power could be good for them but also, maybe, appreciated by the city who provided it, whose residents could rely on the paper and celebrate a championship every now and then.

Bezos and his ilk have no such need – their wealth is beyond generational, it exceeds any sense of being bound by human time or geography. A sports team, a newspaper, a ssuper yacht, a trip to space – it’s a thing that occurs to them, can be used as they see fit or as amuses them, and if it ceases to exist, well – they might not even notice. They have no sense of civic duty to the audience but even beyond that, they have no financial necessity of them – Bezos could just as easily run the Post at last year’s reported $77MM loss from last year until the end of time (it’d never make a dent in his interest earnings) as shut it down tomorrow, and neither would make the barest impact on his financial might or temporal power. 

The central truth, emphasized by these blithe and clumsy interferences with newspaper editorial processes, is that Bezos et al. have no need for the audience or any particular relationship with or adulation from them. Their money makes money makes money; the newspaper, if it can be used as a one-time stimulant to make them even more money, in the form of tax cuts or government contracts from a future Trump administration, is of some use but otherwise not worth noticing. 

And so it was with some surprise that NPR reported on the afternoon of Monday, October 28 that over 200,000 people had canceled their subscriptions to the Post – 8% of the 2.5MM total. Drew Harwell, a tech reporter for the Post, wrote in (understandable) distress on the social media site Bluesky that, “The @washingtonpost.com has lost 200,000 subscribers, @npr.org says. I understand the anger; many in the newsroom are angry, too. But how many stories won’t get reported, and how many journalists will lose their jobs, because of a decision they had nothing to do with? We’re not owed anything; we have to earn it. People lost trust in the Post for legitimate reasons, and it will be hard – maybe impossible – to win it back. But what’s sad is that the journalists who report critically on people like Jeff Bezos and Donald Trump could suffer the most for it.”

Harwell is right – it is sad. But I have a hard time empathizing with the woe-is-us tone – the “decision they had nothing to do with.” We all live in capitalism, and are subject to the whims of powerful moneyed forces we have nothing to do with – that’s American life. The mistake here is locating that subjection at the moment a Post subscriber clicked cancel. It was written on the wall when Bezos bought the paper, just as it’s written on the wall of any media enterprise owned by someone or someones rich enough to not care if they light the whole place – and its decades of history and accumulated civitas – on fire, and walk away. 

It was written on the wall of Oakland-Alameda County Coliseum when John Fisher bought the Athletics in 2005, though it took decades of starving the team for resources, repeatedly blowing up competitive groups of players when they got “too expensive” and campaigning for to receive a public handout in the form of a new stadium before he lowered the boom in April 2023 and announced the move to Las Vegas (maybe, eventually). The fans responded with a spirited “Sell the Team” movement and “reverse boycott” to demonstrate their love for the team, and hatred for the owner – and their own powerlessness. The A’s will play next year, and the year after, and who knows how long after, in a minor league stadium in Sacramento, before perhaps landing in Las Vegas. Whether anyone in either of those cities cares a fraction as much as the Oaklanders now bereft of all their professional sports teams isn’t any concern of John Fisher.

And perhaps Jeff Bezos will be shamed for, if nothing else, so ham-handedly running a major enterprise in public; perhaps he’ll tire of the negative PR and sell it down the line to someone else. What is clear is that the Post‘s audience – or at least, a substantial enough portion thereof to comprise its own major-circulation publication – is exercising the one option available to them in a relationship where the counter-party views them as, at best, nodes of public opinion to exploit for other purposes. Our information space is deeply broken, and this is just one of many instances where the inertial – no longer earned, and overdrawn under any examination – public trust underlying our major institutions does not survive even the slightest pulling of strings. 

I am by nature more of an institutionalist than I am a proponent of burning down for burning down’s sake – it is just so much harder to build things than to destroy. Indeed, I learned to read (and write) critically from a childhood of Washington Post over breakfast. But the thing that is now lacking is, as Harwell notes, trust: trust of an audience that their support will be returned with a consistent product, that their attention will not be manipulated to grotesque ends, that they and the purveyors of their information space are fundamentally involved in the same project. This is not an argument that any billionaire – let alone a centibillionaire – can plausibly make; indeed, it is hard to imagine anyone whose main business is the business of making money, selling this line with some conviction to such an abandoned audience. If our legacy information purveyors are to survive, are to revive a public trust in their relationship with their audiences, the nature of governance must change wholesale – and if those legacy institutions are not equal to (or interested in) the task, then we must build new institutions that are. 

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According to reporting from the Wall Street Journal, the New York Times is planning on putting podcasts behind a paywall:

The publisher is exploring making only the three most recent episodes of “The Daily” available to nonsubscribers, and making new episodes of its “Serial” show exclusive to subscribers for an initial period. The plans are still evolving and might change…

The Times is expected to gradually move more shows behind the paywall with the goal of eventually tying most, if not all, to a subscription service. It has also discussed making archives of its shows available only to subscribers, though those plans are fluid.

This is a bad idea, but I’ll walk through what the Times must be thinking before returning again to why this is a bad idea.

Currently, the Times makes a huge amount of money on podcast ads, because a) shows like “The Daily” are among the most listened-to shows around, so advertisers can get big scale, and b) the Times‘ affluent and well-educated demographic is highly desirable for many advertisers. The latter means that even shows with less-broad reach than “The Daily” can get premiums relative to their audience size, or similar programs at the same audience size, because they’re Times properties. They can also be used as fill-ins when advertisers can’t get access to “The Daily” (it’s very popular for ad placements, so highly competitive), or can’t afford a long run there given its large size.

Putting shows behind the paywall will lead to the Times making substantially less money on ad sales for two reasons: 1) fewer downloads, and 2) downward pressure on ad rates over time, because of 1). The current plan seems to be that the three-most-recent episodes of “The Daily” will be free to air and then all others behind the wall; this will lead into some drop-off but less than with other shows, as most daily podcast episodes get most of their listens in the week of release, and have relatively small (compared to evergreen shows) long tails. But there will be an impact, and it will mean that “The Daily” will almost certainly move down podcast charts (which are not absolute measures but are one of the few public signals). The move of “Serial” to a delayed-release strategy will have a similar effect on chart placement and overall downloads, but moving any other shows behind the paywall will be pretty disastrous. The Times‘ full catalog has good-not-great listenership – as ad sales go, they largely ride on the coattails of “The Daily” and “Serial,” along with a few others (e.g., “The Ezra Klein Show”). Over time, as the main properties get fewer downloads and move down the charts, the ability to sell the rest of the catalog along with them will decline – let alone trying to do so if those smaller shows are moved behind the paywall, too.

So why do it? Clearly the thinking is that the shows will be able to make more money for the Times by way of inducing subscriptions and/or lowering churn of current subscribers, while still holding their own on ad sales. The Times clearly has great internal data on subscriber behavior, so maybe this is true – but I don’t think so, and I think this will end up being walked back like every major podcast paywall initiative (see Rogan, Joe). The idea that’s central here is that people need the specific content of the Times‘ podcasts so much that they’ll subscribe, or not unsubscribe, at high rates to make sure they still have it. And I just don’t think that’s true – “The Daily” has been able to ride the reach of the Times as a platform company for journalism to a high perch on the charts, but there are plenty of other (very good, imo better) daily podcasts. “Serial” was a breakthrough hit and important for the medium, but it’s been years since it’s been culturally central, and the delayed-release strategy would make sure it becomes less so. Ezra Klein is a popular Times personality but nobody is paying hundreds of dollars a year to listen to Ezra; beyond that, the Times’ podcasts are good but explicitly not branded by the personality of the hosts, just as augments of the paper generally – these are not driving subscriptions, either.

If you want to have people pay for specific content the places where it works are either a) absolute gotta-have-it stuff, or b) content where the producers and audience have a more direct connection, and where it’s clear that it exists because of audience support. Networks like Maximum Fun survive because of the latter, as do many Patreon-supported shows (either those behind the paywall fully, or in a more public radio-style voluntary support model). The Times definitely isn’t b) – it’s a century-plus-old multi-billion-dollar corporation that’s in no small way in the business of putting other smaller newspapers out of business, at this point – and I don’t think its audio offerings are enough a) to make this any more than, maybe, a break-even proposition. Spotify couldn’t make it work with maybe the world’s biggest podcast, and a cheaper subscription program that also gives you access to all the music in the world; I don’t think the Times will make it work with shows that, while they have broad reach, are perfectly replaceable with other similar shows.

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