a prepandemic evaluation found.

So while program administrators relish a rare opportunity to expand their reach, they worry that if Congress doesn’t sustain this higher level of appropriations, the relief money will be spent and waiting lists will reappear.

“There’s going to be a cliff,” Ms. Beals-Luedtka said. “What’s going to happen next time? I don’t want to have to call people and say, ‘We’re done with you now.’ These are our grandparents.”

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Why Buy a Yacht When You Can Buy a Newspaper?

Billionaires have had a pretty good pandemic. There are more of them than there were a year ago, even as the crisis has exacerbated inequality. But scrutiny has followed these ballooning fortunes. Policymakers are debating new taxes on corporations and wealthy individuals. Even their philanthropy has come under increasing criticism as an exercise of power as much as generosity.

One arena in which the billionaires can still win plaudits as civic-minded saviors is buying the metropolitan daily newspaper.

The local business leader might not have seemed like such a salvation a quarter century ago, before Craigslist, Google and Facebook began divvying up newspapers’ fat ad revenues. Generally, the neighborhood billionaires are considered worth a careful look by the paper’s investigative unit. But a lot of papers don’t even have an investigative unit anymore, and the priority is survival.

This media landscape nudged newspaper ownership from the vanity column toward the philanthropy side of the ledger. Paying for a few more reporters and to fix the coffee machine can earn you acclaim for a lot less effort than, say, spending two decades building the Bill and Melinda Gates Foundation.

$680 million bid by Hansjörg Wyss, a little-known Swiss billionaire, and Stewart W. Bainum Jr., a Maryland hotel magnate, for Tribune Publishing and its roster of storied broadsheets and tabloids like The Chicago Tribune, The Daily News and The Baltimore Sun.

Should Mr. Wyss and Mr. Bainum succeed in snatching Tribune away from Alden Global Capital, whose bid for the company had already won the backing of Tribune’s board, the purchase will represent the latest example of a more than decade-long quest by some of America’s ultrawealthy to prop up a crumbling pillar of democracy.

If there was a signal year in this development, it came in 2013. That is when Amazon founder Jeff Bezos bought The Washington Post and the Red Sox’ owner, John Henry, bought The Boston Globe.

“I invested in The Globe because I believe deeply in the future of this great community, and The Globe should play a vital role in determining that future,” Mr. Henry wrote at the time.

led a revival of the paper to its former glory. And after a somewhat rockier start, experts said that Mr. Henry and his wife, Linda Pizzuti Henry, the chief executive officer of Boston Globe Media Partners, have gone a long way toward restoring that paper as well.

Norman Pearlstine, who served as executive editor for two years after Dr. Soon-Shiong’s purchase and still serves as a senior adviser. “I don’t think that’s open to debate or dispute.”

From Utah to Minnesota and from Long Island to the Berkshires, local grandees have decided that a newspaper is an essential part of the civic fabric. Their track records as owners are somewhat mixed, but mixed in this case is better than the alternative.

Researchers at the University of North Carolina at Chapel Hill released a report last year showing that in the previous 15 years, more than a quarter of American newspapers disappeared, leaving behind what they called “news deserts.” The 2020 report was an update of a similar one from 2018, but just in those two years another 300 newspapers died, taking 6,000 journalism jobs with them.

“I don’t think anybody in the news business even has rose colored glasses anymore,” said Tom Rosenstiel, executive director of the American Press Institute, a nonprofit journalism advocacy group. “They took them off a few years ago, and they don’t know where they are.”

“The advantage of a local owner who cares about the community is that they in theory can give you runway and also say, ‘Operate at break-even on a cash-flow basis and you’re good,’” said Mr. Rosenstiel.

won a prestigious Polk Award for its coverage of the killing of George Floyd and the aftermath.

“The communities that have papers owned by very wealthy people in general have fared much better because they stayed the course with large newsrooms,” said Ken Doctor, on hiatus as a media industry analyst to work as C.E.O. and founder of Lookout Local, which is trying to revive the local news business in smaller markets, starting in Santa Cruz, Calif. Hedge funds, by contrast, have expected as much as 20 percent of revenue a year from their properties, which can often be achieved only by stripping papers of reporters and editors for short-term gain.

Alden has made deep cuts at many of its MediaNews Group publications, including The Denver Post and The San Jose Mercury News. Alden argues that it is rescuing papers that might otherwise have gone out of business in the past two decades.

And a billionaire buyer is far from a panacea for the industry’s ills. “It’s not just, go find yourself a rich guy. It’s the right rich person. There are lots of people with lots of money. A lot of them shouldn’t run newspaper companies,” said Ann Marie Lipinski, curator of the Nieman Foundation for Journalism at Harvard and the former editor of The Chicago Tribune. “Sam Zell is Exhibit A. So be careful who you ask.”

beaten a retreat from the industry. And there have even been reports that Dr. Soon-Shiong has explored a sale of The Los Angeles Times (which he has denied).

“The great fear of every billionaire is that by owning a newspaper they will become a millionaire,” said Mr. Rosenstiel.

Elizabeth Green, co-founder and chief executive at Chalkbeat, a nonprofit education news organization with 30 reporters in eight cities around the country, said that rescuing a dozen metro dailies that are “obviously shells of their former selves” was never going to be enough to turn around the local news business.

“Even these attempts are still preserving institutions that were always flawed and not leaning into the new information economy and how we all consume and learn and pay for things,” said Ms. Green, who also co-founded the American Journalism Project, which is working to create a network of nonprofit outlets.

Ms. Green is not alone in her belief that the future of American journalism lies in new forms of journalism, often as nonprofits. The American Journalism Project received funding from the Houston philanthropists Laura and John Arnold, the Craigslist founder Craig Newmark and Laurene Powell Jobs’s Emerson Collective, which also bought The Atlantic. Herbert and Marion Sandler, who built one of the country’s largest savings and loans, gave money to start ProPublica.

“We’re seeing a lot of growth of relatively small nonprofits that are now part of what I would call the philanthropic journalistic complex,” said Mr. Doctor. “The question really isn’t corporate structure, nonprofit or profit, the question is money and time.”

operating as a nonprofit.

After the cable television entrepreneur H.F. (Gerry) Lenfest bought The Philadelphia Inquirer, he set up a hybrid structure. The paper is run as a for-profit, public benefit corporation, but it belongs to a nonprofit called the Lenfest Institute. The complex structure is meant to maintain editorial independence and maximum flexibility to run as a business while also encouraging philanthropic support.

Of the $7 million that Lenfest gave to supplement The Inquirer’s revenue from subscribers and advertisers in 2020, only $2 million of it came from the institute, while the remaining $5 million came from a broad array of national, local, institutional and independent donors, said Jim Friedlich, executive director and chief executive of Lenfest.

“I think philosophically, we’ve long accepted that we have no museums or opera houses without philanthropic support,” said Ms. Lipinski. “I think journalism deserves the same consideration.”

Mr. Bainum has said he plans to establish a nonprofit group that would buy The Sun and two other Tribune-owned Maryland newspapers if he and Mr. Wyss succeed in their bid.

“These buyers range across the political spectrum, and on the surface have little in common except their wealth,” said Mr. Friedlich. “Each seems to feel that American democracy is sailing through choppy waters, and they’ve decided to buy a newspaper instead of a yacht.”

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Inside the Fight for the Future of The Wall Street Journal

The Content Review has not been formally shared with the newsroom and its recommendations have not been put into effect, but it is influencing how people work: An impasse over the report has led to a divided newsroom, according to interviews with 25 current and former staff members. The company, they say, has avoided making the proposed changes because a brewing power struggle between Mr. Murray and the new publisher, Almar Latour, has contributed to a stalemate that threatens the future of The Journal.

Mr. Murray and Mr. Latour, 50, represent two extremes of the model Murdoch employee. Mr. Murray is the tactful editor; Mr. Latour is the brash entrepreneur. The two rose within the organization at roughly the same time. When the moment came to replace Gerry Baker as the top editor in 2018, both were seen as contenders.

The two men have never gotten along, according to people with knowledge of the matter. Or as an executive who knows both well put it, “They hate each other.” The digital strategy report has only heightened the strain in their relationship — and, with it, the direction of the crown jewel in the Murdoch news empire.

Their longstanding professional rivalry comes down to both personality and approach. Mr. Murray is more deliberative, while Mr. Latour is quick to act. But the core of their friction is still a mystery, according to people familiar with them.

Dow Jones, in a statement, disputed that characterization, saying there was no friction between the editor and publisher. It also cited “record profits and record subscriptions,” which it attributed to “the wisdom of its current strategy.” Both Mr. Murray and Mr. Latour declined to be interviewed for this article.

About a month after the report was submitted, Ms. Story’s strategy team was concerned that its work might never see the light of day, three people with knowledge of the matter said, and a draft was leaked to one of The Journal’s own media reporters, Jeffrey Trachtenberg. He filed a detailed article on it late last summer.

But the first glimpse that outside readers, and most of the staff, got of the document wasn’t in The Journal. In October, a pared-down version of The Content Review was leaked to BuzzFeed News, which included a link to the document as a sideways scan. (Staffers, eager to read the report, had to turn their heads 90 degrees.)

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We Asked Congress’s Freshmen to Give Up Stock Trading. Few Were Willing.

Additional attention in this area is a notion with bipartisan support, in an era that lacks much of that. In June, Representatives Chip Roy, Republican of Texas, and Abigail Spanberger, Democrat of Virginia, introduced what they called the Trust Act.

The bill would require their colleagues, spouses and dependent children to use a qualified blind trust, as Mr. Ossoff and Mr. Kelly are doing. With such vehicles, a third party would control individual stocks, if any, and some other investment assets and keep the beneficiary from knowing much about the contents or from trading on specialized knowledge of coming legislation. (Owning and trading common investments like mutual funds would be fine.)

“This is about making it easier for members of Congress to do their job,” Mr. Roy said at the time.

And let us not forget what I outlined in detail in a November column: They’ll all end up with more money in the end, on average, if they (or their stockbrokers) stop believing that they’re smart enough to beat the market. The studies on this are legion, and a particularly fun one showed how badly people in Congress did, on average, when they tried to outsmart the market between 2004 and 2008.

It is perhaps not surprising that those who would be elected officials would not be passive investors. The same enhanced sense of self that propels many of them to run for office may well make them think they have some kind of stock-picking superpower. They almost certainly don’t — and neither do the financial advisers who are charging them handsomely. Perhaps they’ll come to their senses eventually.

Others may own stock or trade it to blow off steam, as a form of gambling. If they can afford to lose the money, and are truly not using any inside information or in a position to influence the policies that affect the companies they bet on, then there is no real harm.

But do they wish to lose elections over it?

Certainly, stock trading wasn’t the only issue at play in Georgia. But in purple parts of the country or districts where upstarts in their own party would try to make a case of it, these newly elected officials could be vulnerable. If they avoid individual stocks for political reasons rather than more principled reasons, so be it. It’s all to the good.

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Without Parties, There’s No Place to Show Off That Expensive Watch

With so many people awash in content streaming into their homes in the pandemic, brands are struggling to figure out a way to connect.

That has been particularly true in the marketing of expensive luxury goods — the type of items people like to be seen wearing and using. For the last year, the parties and the cultural and charitable events, where the wealthy can see and be seen, have not been happening.

“Why do I put on a $200,000 timepiece if I have a clock on my microwave and haven’t left my house in four months?” said Chris Olshan, global chief executive of the Luxury Marketing Council, an organization that promotes luxury brands. “What’s the value of a $10,000 Brioni suit when I’m not going out and no one is seeing it?”

He said brands were being forced to explain why a new product was worth their interest and their money. “It’s, ‘Hey, you can dive in this watch, and it has this button that if you press it we’ll come rescue you off of an island,’” he said. “It has to be more than another Swiss watch. It has to have something more to justify the value.”

dates to the 1870s, has been the leading maker of golf shoes since 1945, with a classic image akin to Audemars Piguet. But that image has been challenged with social media influencers promoting more athletic-looking golf shoes.

Max Homa, a younger professional who rose to social media prominence in the pandemic with his gently sarcastic Twitter takes on people’s golf swings.

“My brand is to take the seriousness out of golf but also play at a high level,” said Mr. Homa, 30, who won his second PGA Tour event in February at the Genesis Invitational in Los Angeles. “I want people to understand there are a lot of ways to go about it.”

The shoemaker announced on Thursday that it was also teaming with Todd Snyder, a men’s wear designer who favors camouflage and doesn’t golf but has a large social media following and can bring in different types of consumers.

“We’re contrasting Adam Scott, who’s out of central casting, and layering on someone like Max Homa,” said Ken LaRose, senior vice president of brand and consumer experience at FootJoy. “But we’re also looking for style influencers outside of the world of golf.”

cost more than $1,000, is looking at an affluent demographic of young mothers who live in cities and will be doing a lot of walking with their stroller.

“People want to see real people using our product,” said Schafer Stewart, head of marketing in the United States for Bugaboo. “We’re looking for those people who marry up with our aesthetic. We’re never paying for it.”

(Influencers, like Bruna Tenório, a Brazilian model who just had her first baby, do get free products.)

“We’ve been talking a lot about ways to market without spending one red cent,” Mr. Olshan said. “A lot of brands are panicked about doing anything. How do you engage inexpensively?”

Brands have also been helping one another, with Le Creuset, the French cookware company, promoting General Electric’s high-end appliance brand, Café, and vice versa.

“Look, if you’re buying pots and pans from me, you’re buying the oven from someone else,” Mr. Olshan said. “We’re seeing a lot of partnerships of noncompeting brands.”

In tough times, even luxury brands need to rethink their age-old strategies.

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Alibaba Faces $2.8 Billion Fine From Chinese Regulators

China on Saturday said it was imposing a record $2.8 billion fine on the e-commerce titan Alibaba for monopolistic business practices, the government’s toughest action to date in its campaign to regulate the country’s internet giants more closely.

Beijing’s market watchdog began investigating Alibaba in December for potential antitrust violations including preventing merchants from selling their goods on other shopping platforms. On Saturday, the regulator said its investigation had concluded that Alibaba had hindered competition in online retail in China, affected innovation in the internet economy and harmed consumers’ interests.

The fine on Alibaba, one of China’s most valuable private companies, exceeds the $975 million antitrust penalty that the Chinese government imposed on Qualcomm, the American chip giant, in 2015. Even so, it is unlikely to leave a substantial dent on Alibaba’s fortunes. The regulator said the fine represented 4 percent of Alibaba’s domestic sales in 2019. The group reported profits of more than $12 billion in the last three months of 2020 alone.

Alibaba said in a statement that it would accept the penalty “sincerely” and would strengthen its internal systems “to better carry out its social responsibilities.”

proposed updating the country’s antimonopoly law with a new provision for large internet platforms such as Alibaba’s. In November, officials halted the plans of Alibaba’s sister company, the finance-focused Ant Group, to go public and tightened oversight of internet finance.

In December, it opened the antimonopoly investigation into Alibaba — a startling turn in the fortunes of Jack Ma, Alibaba’s co-founder, whom people in China had long held up as an icon of entrepreneurial pluck.

Skepticism about the clout of large internet companies has been on the rise in the United States and Europe, too. Western regulators have repeatedly fined Goliaths such as Google in recent years for various antitrust violations. But such penalties generally have not changed the nature of the companies’ businesses enough to mitigate concerns about their power.

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Royalty Reigns With ‘Coming 2 America’ And ‘The Crown’ Topping Nielsen Ratings

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‘I’m Not Going Anywhere’: Gaetz Vows To Keep Fighting Despite DOJ Investigation

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