Must Read Money Stories For Friday, July 24

by July 24, 2015

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Public money and sports. The New York Times’ Michael Powell penned a great column earlier this week about how sports teams convince their native cities to shell out hundreds of millions to rebuild their facilities. Powell focused primarily on Cleveland, and how LeBron James’ comeback isn’t bringing as much money into the city as some expected. Instead, he writes, the LeBron Boost is going straight into the Cavaliers’ pocket for the most part.

Media news. The Japanese company Nikkei purchased the Financial Times yesterday from Pearson for approximately $1.3 billion. Japan’s largest media company has been struggling to expand internationally, so this is a huge move that could cement its influence abroad. Read Mashable for reactions from the journalism world regarding the deal.

More media news. Last one, I promise! Buried deep within this Digiday analysis of Gawker’s traffic numbers, the site’s owner Nick Denton made a surprising announcement: Gawker.com will reboot on Monday with a focus on more newsworthy stories and the company as a whole could be renamed. All of this comes a week after the gossip site published a controversial story about a Conde Nast executive allegedly soliciting sex from a gay male escort.

The perfect schmear. You’ve probably heard a New Yorker complain about how it’s impossible to get a good bagel outside of the New York metropolitan area. The New York Times Magazine tried to find out why that is and delved into the breakfast food’s long history dating all the way back to Poland.