Shedlon Adelson reportedly new owner of Las Vegas Review

The CEO and publisher of the Las Vegas Sun says he welcomes billionaire casino mogul Sheldon Adelson and his family to the journalism neighbourhood after they confirmed their purchase of Nevada’s largest newspaper, the Las Vegas Review-Journal.

Sheldon Adelson, a billionaire casino magnate & Republican power dealer who spent greater than $100 million within the last election cycle, is behind the secret purchase of the Las Vegas Evaluate-Journal, in accordance to the newspaper.

The Adelsons were widely speculated to be the new owners, but it wasn’t confirmed until Wednesday.

Adelson on Tuesday told CNN that he had “no personal interest” in the newspaper.

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.

Fortune on Wednesday cited “multiple sources familiar with the situation” in reporting that Adelson was indeed behind the buyout.

Nevertheless, some digging by the RJ’s James DeHaven, Howard Stutz and Jennifer Robison not only revealed Adelson as the purchaser.

Adelson’s litigious history with the press also has been a cause for concern. “Whoever it is needs to come out and say, ‘I own the paper.’ And if it’s not Mr. Adelson, he ought to come out and say, ‘I don’t own the paper'”.

The R-J report said that Patrick Dumont, who is listed on the website of Las Vegas Sands Corp.as the company’s senior vice president of finance and strategy, put together the deal at the behest of his father-in-law, the chairman and CEO of the casino operator. The paper had only just been sold by its longtime owner for $105 million in February to Gatehouse Media, a national chain that is publicly traded.

The Adelson statement said the paper was purchased through a wholly owned fund as an investment both financially and in the Las Vegas community.

Newspaper officials have not publically identified those behind the new company.

Schroeder said News + Media had been aiming to buy the newspaper for “six to eight months”. The premium price paid by the new owner-at a time when print newspapers are seen as disastrous investments-raised red flags, as did the comments made to newsroom staff by a man named Michael Schroeder, who was introduced as a “manager” for the shell corporation.

U.S. Senate Minority Leader Harry Reid in Washington on Tuesday told reporters he suspects – but has no evidence – that Adelson is the secretive buyer.

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 newspapers have a joint operating agreement, with the Sun delivered alongside the Review-Journal.