Word: ownership
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...moguls, arguing that the restrictions are anachronistic. But even as both the print and broadcast media seek to revitalize themselves, the FCC needs to be careful in the amount of deregulation they allow. These kinds of horizontal monopolies are less-than-ideal solutions.The most vulnerable targets in cross-format ownership are objectivity and diversity of opinion. The news world is incredibly small, with the same reporters often working and appearing across multiple formats.Print reporters end up writing the books that are then reviewed and discussed on television and talk programs, creating a small community of highly visible and highly opinionated...
...Australia, where many of the world's top racing horses are sired, syndicate schemes allowing investors to put up as little as $5,400 are growing in popularity. Australian organizations such as Dynamic Syndications act as a kind of online matchmaking service, helping to put would-be ownership groups together with promising thoroughbreds through a website that features photos and video clips of horses, detailed reports on their medical fitness, and results from time trials and races. "Our website is like a mini-TV station," says Dynamic Syndications managing director Dean Watt. "If you could put a smell through...
...wealthy Hong Kong, ownership isn't so much about bonding with new friends as it is about lording it over the old ones. Race days are festive events where local tycoons, movie stars and pop singers are always in attendance, in the perpetually packed stands and in the owners' boxes. The Hong Kong Jockey Club, which controls all aspects of thoroughbred racing in Hong Kong from handling the betting to running the tracks to housing the horses, is a pillar of society. So much money flows through its coffers - last year's turnover was more than $13 billion - that taxes...
...While thoroughbred ownership in Australia and the U.K. is increasingly within reach of commoners, the Hong Kong racing scene is dominated by the rich and connected. Those who want a piece of the action must first be a member of the Jockey Club - joining fees start at $30,000. Membership qualifies you to enter a Byzantine annual lottery in which members compete for roughly 300 spots that give them the right to purchase a horse and have it stabled in the Jockey Club's ritzy training facilities. This is how Lo, the Hong Kong fashion executive, became an owner...
...Money's $260,000 in winnings is the biggest haul for any Hong Kong horse thus far in the 2007-08 season. With owners entitled to a 70% cut, his successes have more than paid back the various costs Lo and his partners incurred in six years of horse ownership. "We're enjoying it," says Lo serenely...