Sheldon Adelson reported as Las Vegas Review-Journal owner
Las Vegas Sands owner Sheldon Adelson has been reported to be the owner of the Las Vegas Review-Journal.
It was announced last week that the sale of the newspaper to News + Media Capital Group for $140m from New Media Investment Group had been completed, though the identity of the owner of News + Media was not revealed.
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.
According to the Review-Journal, the deal was put together by Sands SVP of finance and strategy Patrick Dumont, Adelson’s son-in-law.
A source close to the Adelsons who was not authorised to speak on behalf of the family told the Las Vegas Review-Journal: “He [Dumont] handles all the investments for the family.”
It is the second time the newspaper has been sold this year, after New Media Investment Group acquired Stephens Media, the Review-Journal’s then parent company, for $102.5m in March.
The Review-Journal confirmed when reporting on the acquisition that News + Media is a newly-formed company based in Delaware and is managed by Michael Schroeder, CEO of Central Connecticut Publishing.
Schroeder said News + Media had been aiming to buy the newspaper for “six to eight months”.
GateHouse Media, a subsidiary of New Media, will continue to publish the Review-Journal.
The Huffington Post reported that the Review-Journal removed quotes from an article questioning the new owner’s decision to remain anonymous.
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