Eli Broad on Philanthropy and Media at the 92nd Street Y

Philanthropist and entrepreneur Eli Broad spoke to an audience at the 92Y on Monday evening about the prospects of newspapers in the current economic climate. Comments he made expressing his foundations interest in purchasing the LA Times have been widely reported on.

He also spoke about at length on the challenging business models facing newspapers today, telling moderator Matthew Bishop, “You cant afford to lose newspaper journalism, you can’t afford to lose all the investigative reporting...so newspapers ought to be owned by foundations or wealthy families not looking for any real great economic return.”

Bishop then brought up the subject of Mexican billionaire Carlos Slim’s recent investment in the New York Times and asked Eli if it bothered him that the New York Times might fall into the hands of the Carlos Slim. “Would it worry me if Carlos Slim owned the New York Times?” Eli repeated, continuing, “From what I know he’s a decent fellow, he’s been involved in some charitable activities, not only in Mexico but a little bit in the United States. Including maybe helping the Broad Institute, so...”

Expounding further on the topic of philanthropic ownership of newspapers, Eli suggested that having several foundations own a newspaper, as opposed to just one, could have beneficial effects on preserving journalistic freedoms—depending on which families were involved. Asked what families should not be charge of newspapers, Eli answered, “the Madoff Family.”

h/t Paolo Mastrangelo