Northeastern Professor Dan Kennedy, a spring 2016 Joan Shorenstein Fellow at the Kennedy School’s Shorenstein Center, describes the fates of three newspapers, the Washington Post, the Boston Globe and the Orange County Register, that were bought in recent years by individuals with significant financial means but little background in journalism. He explains the differing approaches each paper has taken to find a sustainable business model, discusses how the models have impacted the quality of reporting, and interprets what other news organizations might learn from their examples.