Opinion: Calif. Senate Considers Bailout of Newspapers to Restore … – Times of San Diego
Later this summer, the state Senate will likely vote on Assembly Bill 886, which would tax Google, Facebook, Instagram and Microsoft to bail out legacy media in California.
The bill would pay newspapers and local TV stations based on the number of links indexed by the tech companies’ search engines. 70% percent of the money raised is supposed to go to hiring journalists, but there is no mechanism for ensuring this.
The bill is bad in purely economic terms — it never makes sense to subsidize obsolete industries — and is also supremely ironic because it would tax California-based tech companies to support out-of-state media owners.
Most of the large- and medium-sized newspapers in California are owned by New York-based Alden Global Capital, Virginia-based Gannett and New Jersey-based Chatham Asset Management. The Los Angeles Times and San Diego Union-Tribune are locally owned by biotech entrepreneur Patrick Soon-Shiong, but the San Francisco Chronicle, San Jose Mercury News,…
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source: https://news.oneseocompany.com/2023/07/05/opinion-calif-senate-considers-bailout-of-newspapers-to-restore-times-of-san-diego_2023070547241.html
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