Gates foundation helps company buy papers

The Seattle Post-Intelligencer reports:

The Bill & Melinda Gates Foundation is among the organizations that collectively loaned at least $350 million to MediaNews Group Inc. for the acquisition of newspapers in California and Minnesota.

The Seattle-based foundation, the world's largest philanthropic organization, loaned an unspecified amount to MediaNews, the Denver-based company said in an Aug. 8 filing with the Securities and Exchange Commission.

Amy Segal, a spokeswoman for the foundation, said she didn't know the investment's size. She said the foundation's investments are handled by Cascade Investment LLC of Kirkland through that company's manager, Michael Larson.

Neither Larson nor Cascade could be reached for comment.

MediaNews, which also owns the Denver Post, agreed in April to buy four newspapers, including the San Jose Mercury News and Contra Costa Times, from McClatchy Co. for $1 billion. MediaNews also bought California's Monterey County Herald and the St. Paul Pioneer Press in Minnesota.

What a hoot.Gates and Buffett want wealthy people to pay an inheritance tax while they shield their money to "help" newspapers.How this is legal is beyond me.