Skip to comments.BILL GATES 'CHARITY' FOUNDATION FINANCES NEWSPAPER PURCHASES
Posted on 08/20/2006 4:39:01 PM PDT by Cedar
BILL GATES 'CHARITY' FOUNDATION FINANCES NEWSPAPER PURCHASES
The BILL & MELINDA GATES FOUNDATION declares its noble mission is to bring "innovations in health and learning to the global community."
But the world's largest philanthropic organization also is among the organizations that collectively loaned nearly $400 million to MEDIANEWS GROUP INC. -- for the acquisition of newspapers in California and Minnesota!
"I thought this foundation was all about starving kids, not starving newspapers," mocked one Seattle insider.
The GATES FOUNDATION loaned an unspecified amount to MEDIANEWS, along with GENERAL ELECTRIC.
In April, MEDIANEWS agreed to buy four newspapers, including the SAN JOSE MERCURY NEWS and CONTRA COSTA TIMES, from MCCLATCHY CO. for $1 billion. MEDIANEWS also bought California's MONTEREY COUNTY HERALD and the ST. PAUL PIONEER PRESS in Minnesota. It also own the DENVER POST.
The move into funding media acquisitions was unusual for the BILL & MELINDA GATES FOUNDATION, whose donations usually go to health and anti-poverty purposes.
In June, financier Warren Buffett announced he would donate an estimated $31 billion to the GATES FOUNDATION, bringing its total endowment to more than $60 billion -- which could easily save every newspaper in America!
But how much money will be needed to stop the hemorrhaging of readership? Better they throw money down this rat hole than something like Planned Parenthood.
Old Charitable Bill, looking for some favorable M$ news coverage in Silicon Valley.
"Warren Buffett announced he would donate an estimated $31 billion to the GATES FOUNDATION...
No wonder there are so few conservative newspapers."
He has to buy the print and video media to pimp the new operating system "Vista". Cannot do it without friendly media, users are too savvy to buy it without scrutiny. Has to own the media to get friendly writeups and reports.
Interesting. Have they been using the nonprofit tax code for their commercial activities?
Sorry for my HTML error.
You all might be interested in this.
Non profit foundations are usually required to dispense 5% of net worth (endowment) per year. Its hard to spend Buffets $31 billion + Gates zillions in one year. The rest has to go someplace. Prudent investments of the endowment are in order; in fact, fiduciarally required.
I'm sure the loan carries a proper return on principle.
I smell a "charitable" Airhead America "bailout" in our future.
I'm lost here....
Given the credit rating of the borrower, I'm thinking that this loan was simply an investment, much like stocks, mutual funds, and that mother of all loans, BONDS.
Yes, that's right... a BOND is simply a loan.
While probably relatively few people were previously aware of this story it is not 'Breaking News'.
A quick google search shows that the Contra Costa Times published it on 8/11/06
"Gates, GE in on MediaNews deal
The financing package that MediaNews Group Inc. obtained to help in its purchase of the Times, San Jose Mercury News, and other papers includes perhaps the best-known name in Corporate America: Microsoft Corp. founder Bill Gates.
MediaNews obtained a financing package from a syndicate of lenders that enables the newspaper company to borrow up to $597 million to help finance its acquisitions, according to a MediaNews filing with the Securities and Exchange Commission. The syndicate of lenders includes the Bill and Melinda Gates Foundation, General Electric Capital Corp. and several financial and other organizations."
If this foundation claims tax benefits due to charitable goals, then eligibility should be REVOKED.
Making the move to Linux now.
The money would be better spent given to the Home for Wayward Girls - Bill Clinton's favorite charity.
Gates-MediaNews' success against the Clinton-Burkle-Yucaipa mob probably means union job cuts as opposed to squandering Dem $$$ vainly trying to keep fishwrap viable. Either outcome seems like a win-win for conservatives.
Besides skimming millions off the top of government & union pension funds it seems the Clinton-Burkle-Yucaipa mob may also accept bribes from foreigners.
. . .
The arrangement between the billionaire and the former president -- and hopeful presidential spouse -- allows Burkle to stuff tens of millions of dollars into the bank accounts of the Clintons in return for no significant work on behalf of the fund itself.
. . .
It might turn out that the Emir of Dubai has funneled millions in income to the Clintons through billionaire Ron Burkle and the Yucaipa Corporation.
An official for the labor union representing about 600 workers at the San Jose and Monterey papers remained hopeful government regulators will block MediaNews' takeover to prevent too many newspapers from falling under the same ownership.
"We haven't given up yet," said Luther Jackson, executive officer for the San Jose Newspaper Guild/CWA Local 39098. "All the people we talk to in these communities want more news, not less."
California Attorney General Bill Lockyer already has signaled he intends to examine the deal to make sure readers and advertisers aren't hurt by the planned takeover.
Citing Singleton's cost-cutting history, Jackson predicted MediaNews will try to boost its profits by jettisoning some of the reporters, photographers and editors that perform similar duties at its Bay Area papers.
In a meeting with the Mercury News' staff late Wednesday, Singleton told employees any decision to cut jobs would be left to the local management teams, according to a reporter who attended the session.
For newsroom staff, Singleton's reputation is fearsome. Reporters at the Long Beach Press-Telegram recalled getting 15 minutes to reinterview for their jobs after he bought the paper in 1997. Feature writer Debbie Arrington told the Los Angeles Times that some older staffers "felt like they were being sent to the glue factory."
After acquiring the Oakland Tribune in 1992, Singleton reportedly cut most of the paper's 600 jobs. And after paying about $150 million for the Houston Post, Singleton closed it in 1995, putting more than 1,000 people out of work.
With no family pot of money and not much of a track record, Singleton has been buying newspapers since his 20s, earning an early reputation for being a cost cutter and taking on papers other people didn't want.
Just today I was going back through a very good Boston Globe series on these corrupt "hobby charities" for the rich.
"to prevent too many newspapers from falling under the same ownership."
This is my concern too. I'm so tired of liberal newspapers.
The internet has helped to counter-attack. But still many people are influenced by the newspapers.
The Gates Millennium Scholarships go to anyone who is "... African American, American Indian/Alaska Native, Asian Pacific Islander American or Hispanic American." In other words, the only people excluded are those whose ancestors were from Europe, or who is white. If your ancestors were from any other continenet or you are anything other than white, you are eligible.
This is impossible. You mean FreeRepublic got scooped?
I posted this in Extended News, not Breaking news.
But I did think Drudge had the scoop by his "developing" comment.
What a joke. Charity, eh? Yeah, I guess if charity means liberal editorial boards.
Not necessarily. Internationalists have been using our newspapers to socially engineer America for some time now.
It seems they went bust trying to do the job, because most of us don't want to buy their unAmerican rags. Mr. Gates is just infusing another fortune into them, so they can continue their assault on America and American culture.
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