The substantial premium Mr. Adelson’s News + Media Capital paid comes despite a tough environment for newspapers generally, with print advertising in decline.
Mr. Adelson, the chief executive of Las Vegas Sands Corp. and a power broker in the Republican party, had been widely rumored to be the mystery buyer. On Tuesday evening, the Republican presidential primary debate was held at one of his hotels, the Venetian Resort Hotel Casino.
The Review-Journal, Nevada’s largest daily paper, has long piqued Mr. Adelson’s interest, according to people familiar with the matter, though one person said he hasn’t expressed interest in other American media properties. Issues he has been concerned about historically have been Israel, union issues and gambling policies at the state and national level.
Mr. Adelson is no stranger to the publishing world. He already owns a newspaper, Israel Hayom, in Israel.
Mr. Adelson sued Wall Street Journal reporter Kate O’Keeffe for libel in Hong Kong in 2013. A spokeswoman for the Journal, which wasn’t named in the action, has said the newspaper will continue to vigorously defend Ms. O’Keeffe in the suit, which is ongoing.