I asked SG how he knew. But someone else sent along this link to an August 2009 piece in Forbes about Stephens Media Group and its frugal approach. It's worth reading, but here's the part that backs up SG's comment:
One of Stephens' private equity investments is a conglomeration of 40 newspapers, including the Las Vegas Review-Journal and the North Little Rock Times. It's not a lovely business these days, but it has side benefits. Warren, a McCain supporter, last year penned an editorial in his Las Vegas paper condemning Democrats' plans to raise taxes on the wealthy. With no debt, Stephens says, the papers are in no danger of going under. "If you don't lever up in good times, you won't be hamstrung in bad times," he says.
Huh. Of course, if nobody had ever levered up, Vegas would still have 200,000 people and nobody would've ever heard of Steve Wynn. Just saying.
