Amazon CEO Jeff Bezos Acquires The Washington Post for $250 Million

bp9801 - August 5, 2013 05:55PM in General News

In a rather surprising announcement, The Washington Post has been purchased by Amazon CEO Jeff Bezos for $250 million in cash. According to the paper, Amazon is playing no role in the purchase and Bezos himself will have full control of it when the sale is completed sometime in the next two months. The existing Washington Post Company, which also owns various other businesses, "will change to a new, still-undecided name and continue as a publicly traded company without The Post thereafter." The Post Company's chief executive, Donald Graham, said The Post could have survived under current ownership, but "we wanted to do more than survive."

Bezos, who was one of several potential buyers, said he won't be "leading" The Washington Post day-to-day, but there'll still be change coming to the paper. He also said The Post "will need to invent, which means we will need to experiment." There's no telling what he has in store for The Washington Post, but it sounds like everything will be alright in the long run.

Source: The Washington Post [1] and [2]