Amazon CEO Jeff Bezos acquires The Washington Post for $250 million

Amazon CEO Jeff Bezos acquires The Washington Post for $250 million

Jeff Bezos, the founder and CEO of Amazon has acquired The Washington Post for $250 million. This ends the Graham family's ownership of the paper after four generations. Amazon won't be involved in the company as it's Bezos himself who has acquired it. He will become the sole owner when the sale has been completed, likely within 60 days. The Post Co. is set to change to a new name and will continue as a publicly traded company.

Donald Graham, the post Co.'s chief executive said in an interview on the sale:

Every member of my family started out with the same emotion—shock—in even thinking about. But when the idea of a transaction with Jeff Bezos came up, it altered my feelings. 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.

The Washington Post suffered a 44 percent decline in operating revenue over the past six years, so Bezos is likely hoping he can give it the turnaround it needs.

There would be change with or without new ownership. But the key thing I hope people will take away from this is that the values of The Post do not need changing. The duty of the paper is to the readers, not the owners.

UPDATE: Jeff Bezos' posts letter to staff of The Washington Post

Source: The Washington Post