If you ask someone to name media moguls, the list usually includes Rupert Murdoch, Si Newhouse, Arthur Ochs Sulzberger, Jr. and other boldface news names.
But they would probably have forgotten the largest publisher of them all: Jamie Dimon.
The JPMorgan CEO is now an accidental media mogul, The New York Post reports, because the bank now controls several financially-troubled companies:
NYP: That’s right. The banker, thanks to the sagging economy, which has cratered several media giants leaving the lender in the driver’s seat, now holds sway over Readers Digest, Source Interlink Media and American Media Inc. — which have combined revenues of about $5.04 billion.
That’s more than Time Inc., generally considered the nation’s No. 1 magazine publisher with its stable-leading Sports Illustrated and People titles helping it ring up $4.6 billion in revenue last year, and the combined revenue of Hearst, publisher of Esquire, and Condé Nast, the parent of Vogue.
Dimon and JPMorgan probably just want to get their money back and get out. But it’s noteworthy that Dimon’s media properties posted a 2008 operating profit of about $470 million. Most media companies are just trying to avoid more red.
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