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In the new world of sports betting, ethics could get spiked. Elliot Harrison works for a multibillion-dollar limited-liability company, where he studies research reports, crunches numbers, and prepares weekly forecasts about how well his organizations 32 units will perform. Odds are youre thinking Mr. Harrisons employer is a blue-chip firm and that his forecasts are for internal use. In fact, he works for the National Football League, and the predictions he makes about his employers teams are for public consumption. Copyright 2018 Dow Jones & Company , Inc. All Rights Reserved.

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    Why billionaire investors are gambling on news publications

    Of course, owning a media company comes with its share of risks as well. Chris Hughes, a co-founder of Facebook, invested $20 million in The New Republic over four years before selling it to the publisher Win McCormack. In 2014, two years after Hughes bought the publication, dozens of New Republic staff members and editors also resigned en masse over the way the magazine was being managed. Under Hughes leadership, The New Republic was criticized for lavish expenditures and went through two redesigns that did little to boost the magazines bottom line. Media ownership also comes with the risk of getting caught up in the political fray.

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