The Washington Post Co. has agreed to sell its flagship newspaper to Amazon.com founder and chief executive Jeffrey P. Bezos, ending the Graham family\u2019s stewardship of one of America\u2019s leading news organizations after four generations.<\/p>\n
Bezos, whose entrepreneurship has made him one of the world\u2019s richest men, will pay $250 million in cash for The Post and affiliated publications to the Washington Post Co., which owns the newspaper and other businesses.<\/p>\n
Seattle-based Amazon will have no role in the purchase; Bezos himself will buy the news organization and become its sole owner when the sale is completed, probably within 60 days. The Post Co. will change to a new, still-undecided name and continue as a publicly traded company without The Post thereafter.<\/p>\n
The deal represents a sudden and stunning turn of events for The Post, Washington\u2019s leading newspaper for decades and a powerful force in shaping the nation\u2019s politics and policy. Few people were aware that a sale was in the works for the paper, whose reporters have broken such stories as the Pentagon Papers, the Watergate scandals and disclosures about the National Security Administration\u2019s surveillance program in May.<\/p>\n
For much of the past decade, however, the paper has been unable to escape the financial turmoil that has engulfed newspapers and other \u201clegacy\u201d media organizations. The rise of the Internet and the epochal change from print to digital technology have created a massive wave of competition for traditional news companies, scattering readers and advertisers across a radically altered news and information landscape and triggering mergers, bankruptcies and consolidation among the owners of print and broadcasting properties.<\/p>\n
\u201cEvery member of my family started out with the same emotion\u2014shock\u2014in even thinking about\u201d selling The Post, said Donald Graham, the Post Co.\u2019s chief executive, in an interview Monday. \u201cBut when the idea of a transaction with Jeff Bezos came up, it altered my feelings.\u201d<\/p>\n
Added Graham, \u201cThe Post could have survived under the company\u2019s ownership and been profitable for the foreseeable future. But we wanted to do more than survive. I\u2019m not saying this guarantees success but it gives us a much greater chance of success.\u201d<\/p><\/blockquote>\n
Read more.\u00a0<\/a><\/strong><\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"Talk about the end of an era:\u00a0The Washington Post is being sold:\u00a0 The Washington Post Co. has agreed to sell its flagship newspaper to Amazon.com founder and chief executive Jeffrey P. Bezos, ending the Graham family\u2019s stewardship of one of America\u2019s leading news organizations after four generations. Bezos, whose entrepreneurship has made him one of […]<\/p>\n","protected":false},"author":132,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,29],"tags":[11178,11182],"class_list":["post-25213","post","type-post","status-publish","format-standard","hentry","category-journalism","category-media","tag-journalism","tag-media"],"yoast_head":"\n
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