[palmotea]

> I suspect the economics of investigative journalism work out better for an individual who is personally invested in their work.

> Your scenario is the same for a news company. Investigative journalism takes time. And, in the meantime, you have HR departments, corporate rent, etc., you’re trying to build a media empire and your ROI is being compared against just investing in the S&P 500.

No. In the mean time, you have opinion-havers and other investigative journalists writing articles, maintaining a steady audience. An "individual [investigative journalist] who is personally invested in their work" wouldn't have the steady output to maintain one.

> And I don’t think the economics of corporate news make sense.

The economics of solo news make even less sense.