Longtime Republican donor Sheldon Adelson successfully and quietly bought the Las Vegas Review-Journal this month for the not insignificant sum of $140 million, managing also to keep the purchase hush-hush for at least a few days.
The chairman and CEO of Las Vegas Sands Corp. purchased Nevada’s largest daily newspaper earlier in December, but reporters were unable at first to figure out who the buyer was, Fortune reported.
“The primary buyer had taken great pains to remain anonymous,” they reported.
However, thanks to information from reported “inside sources,” Fortune confirmed Wednesday that Adelson had, in fact, bought the newspaper earlier this month.
“Adelson, a major Republican Party donor who hosted Tuesday night’s debate at his Venetian property, had been widely rumored to be the buyer, including by employees at the Review-Journal itself, which this morning ran a front-page story that detailed Adelson’s ties to Michael Schroeder, a regional Connecticut newspaper publisher who was the only person listed on regulatory filings related to the sale,” Fortune noted Wednesday.
“Schroeder yesterday declined to identify the primary buyer, or to explain how he became involved with the Review-Journal purchase,” it added. “Adelson has not responded to repeated requests for comment over the past several days.”
Though Fortune is certain that Adelson is indeed the buyer of the Nevada newspaper, it remains unclear as to why the casino tycoon apparently worked so hard to keep the purchase a secret, declining multiple times to respond to reporters’ inquires.
“What remains unclear is why Adelson has refused to come forward. Clearly this isn’t a vanity play, and it’s also hard to imagine it as a financial investment (particularly given the steep price tag),” Fortune explained.
“What that leaves is political influence, particularly in a swing state like Nevada. That said, however, it would seem difficult to direct editorial coverage when the actual editorial writers are in the dark as to who signs their paychecks,” it added.
It’s entirely possible that the GOP donor wanted to avoid an unwelcome spotlight as the Republican candidates prepared to participate in a debate hosted by one of his properties.
“But, if that were the case, an announcement likely would have been made by now,” Fortune concluded. “So while the big question has been answered, plenty more remain.”
