Never Profitable Magazine Sold for $1 Million

The Weekly Standard recent coverTHE WEEKLY STANDARD was quietly sold in June by media baron Rupert Murdoch to Philip Anschutz, an oil and real estate tycoon, for $1 million.

Since its founding in 1995, it has never been profitable, but this is not unusual.  Small, Washington, DC-based political magazines like The Standard, NATIONAL REVIEW and THE NATION very seldom operate in the black – at least not on a sustained basis.  They all owe their existence to deep pockets for testing of new ideas and furthering the owners’ particular political bent.

Mr Anschutz is reputedly more closely aligned with Christian conservatism than the George W Bush brand of neoconservative fervor of using armed force to spread democracy abroad, which the magazine has supported during the last decade.  So far there has been no indication of an editorial re-positioning.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: