The Review-Journal reported Thursday the transaction was arranged by Patrick Dumont, the son-in-law of the 82-year-old Adelson and a senior vice president at Las Vegas Sands, citing unidentified sources.
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Fortune reports that multiple sources familiar with the deal have confirmed that Las Vegas casino owner and GOP megadonor Sheldon Adelson bought the Las Vegas Review-Journal last week, but attempted to keep the purchase hidden.
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New Media Investment only controlled the Las Vegas Review-Journal for a short time before selling it off. The company in February agreed to pay $102.5 million for Stephens Media LLC, a chain of eight daily papers, including the Review- Journal, and dozens of weeklies.
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Speculation has been rampant since the newspaper’s management told staff last Friday that the paper had been sold for $140 million to a newly incorporated Delaware-based shell corporation.
Adelson, a major GOP donor, said at the debate that he had “no personal interest” in ownership.
Adelson, who has donated more than $100 million to nearly exclusively conservative political causes, including more than $92 million alone in the 2012 presidential election to try to defeat President Barack Obama in his reelection, has not been shy about using his Isreali newspapers as a political cudgel. Tuesday’s CNN-hosted Republican debate also took place at the Venetian, a Las Vegas casino-hotel that’s part of Adelson’s empire. Adelson is also the owner of the pro-Netanyahu Hebrew-language daily newspaper Israel Hayom, which is distributed widely for free in Israel.
But Adelson himself is still refusing to comment on his reported purchase of the paper, keeping the mystery, almost unprecedented in American modern history, somewhat alive. The paper’s editorial board on Wednesday wrote that “the lack of disclosure of the newspaper’s new ownership group compromises this publication’s ability to demand transparency of others”.
The substantial premium Mr. Adelson’s News + Media Capital paid comes despite a tough environment for newspapers generally, with print advertising in decline.
“We understand the desire of the hard-working staff at the R-J and others in the community to know the identity of the paper’s new owners, and it was always our intention to publicly announce our ownership of the R-J”, the statement read.
He said Gatehouse didn’t disclose the buyer due to a confidentiality agreement and rejected the notion that the paper’s integrity had been challenged.
For several days, there has been speculation that Adelson was the anonymous owner.
On Wednesday night, after investigating itself, the newspaper published its answer: Sheldon Adelson, the billionaire business magnate and Republican party “super donor”.
Michael Hengel, the newspaper’s editor, said he wasn’t surprised by the unease in the newsroom. Sympathetic management of the Las Vegas paper could give him a needed boost in the fight.
“No one has gone through the lengths to keep secrets like this”, Seaman said.
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The secret won’t be held for long.
