Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Mark Ein and his wife, Sally Stiebel, attend the 2015 U.S. Open in Flushing, Queens. PhotoL Jean Catuffe / GC Images
Mark Ein (pronounced "eyen") — a Washington-area investor, entrepreneur and philanthropist who controls the Kastle Systems building-security company and founded the Washington Kastles tennis team — is buying the floundering Washington City Paper, a 36-year-old alt-weekly.
Why it matters: Ein told me in a phone interview: "I truly believe journalism is saving the world."
Ein said the deal was speeded up after the current owner, SouthComm, told employees Monday that their salaries would be cut 40% starting Jan. 1.
- He said the City Paper loses less than $1 million a year. He said he wants it to break even or better so it's sustainable, but added: "This doesn't fall into the profit part of my life."
- He said he didn't pay "a huge amount of money," but assumed the liability and burn rate.
- Ein plans to keep the print edition, which is important to the major arts organizations that are key advertisers.
- Ein said he likes the arts and entertainment, food and local politics coverage, and would like to see the addition of local sports, and perhaps coverage of life outside the District, in the near-in suburbs. (He lived in D.C. much of his life, but now is in McLean.)
- Ein formed a Washington City Paper Journalist Alumni Group to help re-energize the paper. Members include CNN anchor Jake Tapper, author Ta-Nehisi Coates and Pulitzer-winning journalist Kate Boo. Recode executive editor Kara Swisher was a City Paper editor.