Bill Gates’ ‘charity’ foundation finances U.S. newspaper purchases

“The Bill and Melinda Gates Foundation declares its noble mission is to bring ‘innovations in health and learning to the global community,'” reports The Drudge Report.

Drudge reports, “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,” Drudge reports.

Drudge reports, “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.”

Full article here. If article is moved, find it via: http://www.drudgereport.com/

MacDailyNews Take: All you need to do is read some of those newspapers to understand why they need charity help. So what if a few kids starve to death ($400 million could buy a lot of sandwiches), at least there are still paychecks for hack writers. We can’t wait to read their unbiased reports about all the good done by The Bill and Melinda Gates Foundation.

48 Comments

  1. maybe they were giving macs too good reviews and bill wanted to put a stop to it ” width=”19″ height=”19″ alt=”wink” style=”border:0;” /> ive noticed the daily mail in England seems to feature a mac review of sorts in every sunday these days!

  2. ” width=”19″ height=”19″ alt=”big surprise” style=”border:0;” />

    That´s the way to go. Give a million, get a billion.
    Charity gives good publicity. If there is no one who writes about your charity so buy a news paper and get everybody to write about your charity.

    Have I mentioned that Bill Gate$ sucks?

    MDN magic word: material

  3. ” width=”19″ height=”19″ alt=”big surprise” style=”border:0;” />

    That´s the way to go. Give a million, get a billion.
    Charity gives good publicity. If there is no one who writes about your charity so buy a news paper and get everybody to write about your charity.

    Have I mentioned that Bill Gate$ sucks?

    MDN magic word: material

  4. If EVER there will be an instance in which the LAW OF UNINTENDED CONSEQUENCES rears its ugly head, it is the Bill and Melinda Gates Charitable Foundation.

    Just wait until the Third World reaps the COMPLETE benefits of their free and easy spending, not the temporary, feel-good rewards. Entire nations of people who could never sustain themselves or their children in the past will suddenly be fat, happy, and disease-free . . . and still uneducated, unmotivated, oppressed, terrorized, and–eventually–slaughtered.

    Just as before. Just as always.

    But as least the Gates Foundation will feel better about itself, and that is–in fact–the real goal here.

  5. Why does this stuff happen? Can’t Bill Gates just help people without an agenda attached to it? I have lost hope in all rich people, and our corrupt political system. Who’s next? Steve Jobs?

  6. I don’t really understand Drudge’s point, but I really can’t stand consipacy theorists, if that is his angle. Has it occurred to Matt Drudge that a foundation with $17 Billion in assets need to invest that money somewhere? They don’t just leave it in a passbook savings account.

    In essence, any of these large foundations (Gates, Ford, Annenberg, etc.) are private equity firms. They will invest in things that provide a financial return to the foundation.

  7. Critic: As much as I am leery of anything MS-related, your comments are exactly what I was thinking too. I suppose there is the opportunity for Bill/MS to misuse their influence in such deals, but really the fact is, they need to invest.

  8. i’m with critic. ALL foundations have investment portfolios to create returns that allow for their charitable work. This was a loan to the media group — not an ownership stake.

    as much as I dislike Gates/MS, the Gates Foundation receives widespread praise from the public health community working on 3rd world health issues (–even from those whom it does not fund).

    bostonian (and MDN) – the foundation is not paying for sandwiches. But it does fund other silly efforts like finding an affordable/practical cure for malaria, cheaper HIV treatment (and delivery), etc. Are you suggesting these countries are better off with no cures for these diseases? In relation to education, birth rates, etc., the Gates’ take the additional radical position that promoting a healthy population will reduce birthrates and create conditions that allow for education.

    Admittedly Gates was late to the philanthropy world and his Foundation is not a fix for all that ails these countries, but by all accounts the Gates’ are serious and well-informed about their efforts.

    Let’s consider the radical position that MS and the Foundation may be after different things.

  9. The obvious reason Gates and his foundation are investing in newspapers and media is to make sure they spread their message. They care as much about that (if not more) than they do about helping less fortunate people.

    I wouldn’t expect any less from a man that made his fortune by blatantly stealing the ideas of others…

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