Originally published: October 1, 2009
Last updated: October 1, 2009 - 10:09pm
How does New York City support seven daily newspapers? Well, they might only exist for the mammoth size of their owners' egos. Owning a newspaper "allows wealthy individuals the opportunity to be important," says Mitchell Moss, a professor at New York University's Wagner Graduate School. "Without New York, who would take their phone calls?" Even if papers aren't lining their owners' pockets with as much money as they used to, the papers are "providing status," he says. "We shouldn't underestimate the social and psychological purpose they serve. If you want a newspaper, you're doing it for the persona. It's a lot better than being a real estate developer."
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