The Role of Billionaires in Funding Investigative Journalism

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The chapter explores how billionaires can influence investigative journalism either positively or negatively based on their interests and connections. It discusses the financial impact of deep investigative reporting on publicly traded companies and suggests incentivizing more investigations through stock shorting. The conversation also touches on challenges in creating valuable and lasting insights compared to superficial assessments seen on social media.

Byrne Hobart, creator of the newsletter The Diff and Capital Gains, joins Erik Torenberg to discuss the intricate evolution of media industries. In this conversation, they delve into the comparative success of print and digital media, the economic transformation of the news sector, the disruption in media landscapes and the emerging scenarios in financial journalism.

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LINKS:

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X / TWITTER:

@eriktorenberg (Erik)

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TIMESTAMPS:

(00:00) Intro

(00:56) Historical overview of media business

(04:36) Golden age of newspapers

(07:54) Impact of digital transformation

(13:28) Media fortunes and distribution changes

(18:55) Sponsors: Beehiiv and Turpentine

(20:43) Understanding the distribution model

(24:21) Role of AI in media layoffs

(31:35) Economics of investigative journalism

(36:32) Advice and Insights in building a media empire

(44:10) AI media: Opportunities and challenges

(53:09) Changing nature of fame in the algorithmic age

(58:17) Being Not-a-Tech-Company

(01:05:44) Wrap-Up

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.