PS on Philadelphia.

Tom Rosenstiel made the point first:

Rosenstiel also compared the ownership to a sports team's and noted that the motivation for team owners was rarely financial. "They do it to be a player in town or to be a celebrity," he said. "They do it after they have made their money and are looking for something more exhilarating or adventurous." ('With Local Control, and Uncommon Story in Philadelphia,' by Paul Nussbaum, in today's Inquirer, via Romenesko.)

He's more polite about it too.