Yesterday afternoon, the Washington Post shocked the publishing and tech industry with the announcement that Amazon founder and billionaire Jeff Bezos had signed an agreement to acquire the Washington Post newspaper. The announcement said that Jeff planned to stay in Seattle and at his day job, leaving the day-to-day operations of the paper to current management. Today, the newspaper published a letter from Bezos discussing the acquisition and his plans for the paper going forward.
Bezos reiterated his plans to stay in Seattle at his day job and reassured staff that the values of the paper wouldn't be changing. What's more, the Post's leadership team won't be changing. However, some things will be changing, even if that change does not happen right away and Bezos doesn't know what it is.
"The Internet is transforming almost every element of the news business: shortening news cycles, eroding long-reliable revenue sources, and enabling new kinds of competition, some of which bear little or no news-gathering costs," Bezos said. "There is no map, and charting a path ahead will not be easy. We will need to invent, which means we will need to experiment. Our touchstone will be readers, understanding what they care about – government, local leaders, restaurant openings, scout troops, businesses, charities, governors, sports – and working backwards from there. I’m excited and optimistic about the opportunity for invention."
Bezos paid $250 million for the newspaper. It seems like a lot of money, but in the context of both the Washington Post's storied history and Bezos' personal wealth, it suddenly doesn't seem like much at all. The deal is expected to close in sixty days and includes Greater Washington Publishing, the Gazette newspapers, Express, El Tiempo Latino and Robinson Terminal as well as the Washington Post. Once the sale is completed, Bezos will become the sole owner of the Washington Post newspaper and the Washington Post Co will change its name and continue operating without its flagship publication.
Check out Bezos' full letter to Washington Post staff below:
To the employees of The Washington Post:
You’ll have heard the news, and many of you will greet it with a degree of apprehension. When a single family owns a company for many decades, and when that family acts for all those decades in good faith, in a principled manner, in good times and in rough times, as stewards of important values – when that family has done such a good job – it is only natural to worry about change.
So, let me start with something critical. The values of The Post do not need changing. The paper’s duty will remain to its readers and not to the private interests of its owners. We will continue to follow the truth wherever it leads, and we’ll work hard not to make mistakes. When we do, we will own up to them quickly and completely.
I won’t be leading The Washington Post day-to-day. I am happily living in “the other Washington” where I have a day job that I love. Besides that, The Post already has an excellent leadership team that knows much more about the news business than I do, and I’m extremely grateful to them for agreeing to stay on.
There will, of course, be change at The Post over the coming years. That’s essential and would have happened with or without new ownership. The Internet is transforming almost every element of the news business: shortening news cycles, eroding long-reliable revenue sources, and enabling new kinds of competition, some of which bear little or no news-gathering costs. There is no map, and charting a path ahead will not be easy. We will need to invent, which means we will need to experiment. Our touchstone will be readers, understanding what they care about – government, local leaders, restaurant openings, scout troops, businesses, charities, governors, sports – and working backwards from there. I’m excited and optimistic about the opportunity for invention.
Journalism plays a critical role in a free society, and The Washington Post -- as the hometown paper of the capital city of the United States -- is especially important. I would highlight two kinds of courage the Grahams have shown as owners that I hope to channel. The first is the courage to say wait, be sure, slow down, get another source. Real people and their reputations, livelihoods and families are at stake. The second is the courage to say follow the story, no matter the cost. While I hope no one ever threatens to put one of my body parts through a wringer, if they do, thanks to Mrs. Graham’s example, I’ll be ready.
I want to say one last thing that’s really not about the paper or this change in ownership. I have had the great pleasure of getting to know Don very well over the last ten plus years. I do not know a finer man.