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Bill Gates lends cash to buy newspapers
$350 million to MediaNews
Tue Aug 22 2006, 16:50
SOFTWARE OLIGARCH Bill Gates was behind a recent MediaNews scheme to buy four newspapers from publisher
McClatchy.
The billion dollar deal, which was completed recently, saw Gates among a few other investors in lending MediaNews $350 million to buy the McClatchy titles.
These included the San Jose Mercury News, Contra Costa Times, Monterey County Herald and St. Paul Pioneer Press.
Gates involvement has been very behind the scenes. In fact many of those involved in the deal didn't even know he was one of the investors. It was carried out through the Gates Foundation, the world's largest philanthropy outfit.
More at Siliconvalley.com, here. µ
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