Adelson: ‘Always our intention’ to reveal newspaper purchase

The publications were acquired December 10 by News + Media Capital Group LLC, a newly formed Delaware-domiciled company backed by “undisclosed financial backers with expertise in the media industry”, Michael Schroeder, who was identified as the manager of News + Media, said at an employee meeting last week.

Fortune reported that it had been informed by multiple sources familiar with the situation that Adelson was the new owner, before the Review-Journal itself reported that sources had confirmed to the newspaper that Adelson arranged the purchase.

The Adelsons say they held back because Tuesday’s Republican presidential debate was taking place at the Venetian, the casino-hotel on the Las Vegas Strip that is part of Adelson’s empire.

“We understand the desire of the hard-working staff at the R-J and others in the community to know the identity of the paper’s new owners, and it was always our intention to publicly announce our ownership of the R-J”, the statement read.

Copies of the Las Vegas Review-Journal are printed in this undated photo.

The fact the owners remained shrouded in mystery since the announcement prompted many Review-Journal staff members to call for transparency from their new owners. The sale last week to an unidentified buyer perplexed even the newspapers’ editors and reporters, who had to investigate their own newspaper, with no assurance that their findings would be published. New Media subsidiary GateHouse Media will run the newspaper and its sister publications, the Review-Journal said Wednesday. Publisher Jason Taylor didn’t return calls for comment Tuesday, but he has previously said he can’t identify the group’s backers, who approached the paper months ago.

Adelson is ranked 15th on the Forbes 400 list and is one of just a few people in the country who might be able and willing to shell out $140 million for a newspaper in an era where subscriptions and ad rates are falling.

Adelson, a staunch supporter of Israel, and particularly of Likud Party Prime Minister ++Benjamin Netanyahu++[ http://www.thedailybeast.com/topics/benjamin-netanyahu.html], also owns the Hebrew-language free daily Israel Hayom, a reliable Netanyahu cheerleader, and tends to bankroll Republican presidential candidates who impress him as most loyal to the interests and wellbeing of the Jewish State. A confidentiality agreement didn’t allow them to disclose who it was doing business with. Ultimately, only Adelson knows, but the Las Vegas paper might be of particular use to Adelson, politically speaking, for several reasons. Adelson, a mega-donor to GOP candidates and causes, has declined comment to all. Nevada is fourth in the primary process, with balloting in February. He was once roommates with former President Bill Clinton and has supported Hillary Clinton’s candidacy, while Adelson is a major GOP donor.

Andrew Seaman, the Society of Professional Journalists’ ethics committee chairman, wondered why the new owners chose to go through such great pains to hide their identity.