TECH in AMERICA (TiA)

SHARING AMERICA'S TECH NEWS FROM THE VALLEY TO THE ALLEY

Another Titan Acquires a Giant Newspaper: The Washington Post is Sold

Jeff Bezos Buys The Washington Post For $250 Million

Jeff Bezos, CEO and founder of Amazon, has bought the Washington Post for $250  million.

by Adam Taylor, courtesy BusinessInsider –

jeff-bezos-amazon-6[1]

– 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

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This entry was posted on August 5, 2013 by in BIG DEALS, M&A's and tagged , , , , , , , .

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