No down payment? No risk?
Yet he, a real estate “mogul”, buys 13 billion worth of newspapers?
Why do you think he did this?
Presumably, he was a nostalgic type of guy who always yearned to be involved in the glamorous newspaper business, envisioning himself to be some sort of Hearstian character. Fortunately, no money down, and little on the downside if it doesent pan out.