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Jeff Bezos, CEO and founder of Amazon, has bought the Washington Post for $250 million.
by Adam Taylor, courtesy BusinessInsider –
– The newspaper’s website is carrying a story with details of the deal, which will include the Post and some of its affiliated publications, including El Tiempo Latino, the Express newspaper and The Gazette Newspapers.
The deal was made personally by Bezos — Amazon was not involved. The news organization had previously been owned by the Graham family for four generations.
“The Post could have survived under the company’s ownership and been profitable for the foreseeable future. But we wanted to do more than survive. I’m not saying this guarantees success but it gives us a much greater chance of success,” Donald Graham said in an interview with the Post.
In a letter to the employees, Bezos says he won’t be “leading the Washington Post day-to-day” and that the Post’s current leadership team will be staying on.
“With Mr. Bezos as our owner, we enter a new era and embrace an exciting future,” Katherine Weymouth, the current publisher and CEO of the Washington Post, wrote today in a letter to readers. Weymouth, a member of the Graham family, also said that she was staying with the paper. “I look forward to it, and I firmly believe you should as well.”
The deal does not include the Washington Post Company’s non-publication assets, such as Kaplan, Post–Newsweek Stations and Cable ONE. It also will not include certain publications, including Slate magazine, TheRoot.com and Foreign Policy.
The Washington Post Company will change its name and continue as a publicly-traded company under another name.
Bezos’ Amazon company is the world’s largest internet retailer, reporting sales of $61 billion in 2012. This has resulted in a large personal fortune for its founder — Forbes says Bezos is worth $25.2 billion, making him the 19th richest man in the world.
Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.
Thank you, TiA