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Washington Post to Be Sold to Amazon's Jeff Bezos

By - Source: Washington Post | B 6 comments

Amazon founder Jeff Bezos is to become the sole owner of the Washington Post newspaper.

Amazon founder Jeff Bezos will buy the Washington Post newspaper in a landmark deal worth $250 million. The deal will see Bezos take ownership of Washington's leading newspaper and affiliated publications. Best known as founder of etail giant Amazon, the Washington Post reports that Bezos is making the purchase by himself. That is, this is not Amazon buying the Washington Post but Bezos himself.

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 newspaper. The sale of the Washington Post was initiated by the company's board and the newspaper reports that the company hired investment firm Allen & Co to approach a half a dozen buyers including Bezos. Bezos doesn't seem to have any plans to relocate to Washington anytime soon, though. The Amazon founder says he's happy with his day job and that he he plans to stay in Seattle and leave the day-to-day operation of the newspaper to current management. What's more, the newspaper doesn't expect any redundancies as a result of the sale and publisher Katharine Weymouth is to stay on as publisher and chief executive of the paper. 

The Washington Post has been owned by the Graham family for eight decades. Speaking in a letter about the sale, Katharine Weymouth, the niece of The Washington Post Company CEO Donald Graham, said that the deal represented an opportunity for the paper.

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"I firmly believe that today’s announcement represents a remarkable opportunity for us, unique among media companies, she said. "In Jeff we have found an owner who believes in The Post as a business but also cares deeply about the role it serves in our society." She later added: "Jeff knows as well as anyone the opportunities that come with revolutionary technology when we understand how to make the most of it. Under his ownership, we will be able to accelerate the pace and quality of innovation."

CEO Donald Graham said that the paper would have survived had it not sold, but that it wanted to do more than survive. 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.

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  • 2 Hide
    eklipz330 , August 5, 2013 4:31 PM
    aren't newspaper publications like, tanking? isn't this throwing your money away? OR IS IT A GRAND CONSPIRACY WHERE ALL MASSIVE COMPANIES BUY OUT MEDIA OUTLETS AND ONLY SHOW NEWS THAT BENEFITS THEIR COMPANY AND THE GOVERNMENT AND DIVIDES THE NATION THROUGH TRIVIAL MEANS TO KEEP A CONTROL ON THE MASSES?


    nahhhhhh, that could never happen.
  • -1 Hide
    dalethepcman , August 5, 2013 5:30 PM
    umm.. wow Eklipz330 out there much? Don't get me wrong, I'm all for a good conspiracy theory, but if you wanted to control the media to push some secret agenda of keeping the population fighting among themselves, then buying a newspaper would probably be a horrible place to start.

    Also, Rupert Murdoch is looking for you.

    If you still read newspapers for information on anything, you need to wake up. The last time I bought a newspaper was because I wanted to wash a window in my house, and didn't want to leave paper bits from the bounty roll...
  • 0 Hide
    QEFX , August 5, 2013 6:13 PM
    @eklipz330 : Already happened. Most news is produced, news feeds, from a limited number of sources. And most of the "reporting" is done through the media which is controlled directly or indirectly by a small group of people who have interest in keeping the masses ignorant.

    @dalethepcman
    1) Older people (60+) still read the paper
    2) The classifieds is still useful
    3) The small local, specialty, papers are very useful.
    4) How else would you paint something without painter's tape and newspaper?
    5) How can you hit somebody with a rolled up newspaper on a Kindle? Seriously man.
    6) Somebody has to keep the pulp and paper industry going and it's not like most people under 30 read books. Or those under 15 read ... IYKWIM.
    7) Actually a newspaper would be a good place to control people from. Start a story in a paper, have it picked up via TV, then confirmed on the internet. Most people, hopefully, would take a story from the net or TV with a grain of salt but who would fact check a story from the newspaper? Especially the washington post. Of course that assumes people are stupid, ignorant of almost everything and willing to be told what is true. That just doesn't happen ... just ask Fox News.
  • Display all 6 comments.
  • 0 Hide
    roamingaround , August 5, 2013 7:49 PM
    Remember, we are talking about a paper that has been known as the Washington Compost for 43 years that I know of. Most purchasers get if for the ads, funnies and classifieds (they do the classifieds well, or did until I was able to move away from the area in 2003). And, as suggested in another post, it makes great masking for paintjobs. Actually, their protests not withstanding, the paper was in poor financial shape and its long term survival was problimatic, at least with the present mamagement. Not a good sign that the present management isn't being revamped. On the otherhand, very few people outside the Washington Beltway actually care as long as the ads, classifieds and funnies don't get screwed up....
  • -1 Hide
    back_by_demand , August 5, 2013 11:36 PM
    Yeah yeah yeah, tech forum commenards bashing paper-based publications, not surprising - 40 years after Watergate people just wash away a legacy of investigative journalism - the Washington Post is not intrinsically linked to the Gutenberg Press and maybe this will lead to a subscription of daily news piped directly to your Kindle
  • 0 Hide
    shin0bi272 , August 7, 2013 8:41 AM
    amazon's profits are poor lets say... they have money sure but they arent growing like they used to/should be. That not only makes them worried about how they are going to expand and grow but it makes them popular in washington as a nice leftist company because they arent making much of a profit. So in order to stay afloat Bezos has to find ways to branch out and bring in new revenue. If that means he has to spend 250mil buying a paper so that he can buy some clout and political capital so that no one will complain when he starts selling art the next day and putting dozens of small art galleries out of business... no one will complain.
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