Victor Pickard: It's a story of magical thinking in assuming we could ever rely on benevolent billionaires to save journalism. It's also a story of oligarchs turning their backs on democracy and exploiting their media assets to advance class interests. Above all, it's a tragedy for news workers and for all of us.

It's a story of magical thinking in assuming we could ever rely on benevolent billionaires to save journalism. It's also a story of oligarchs turning their backs on democracy and exploiting their media assets to advance class interests. Above all, it's a tragedy for news workers and for all of us.