Amazon.com founder buys the Washington Post
Amazon.com’s founder, Jeffrey Bezos, has agreed to buy The Washington Post, one of the United States’ most prominent newspapers, for $US250 million (£182.43 million).
News of the sale of the biggest-circulation newspaper in the national capital comes only days after the New York Times Company said it was selling the Boston Globe for $US70 million after buying the newspaper for more than $US1 billion 20 years ago. Separately Newsweek magazine, now an online publication, was sold to International Business Times.
Katharine Weymouth, the newspaper’s publisher, made the announcement on Monday afternoon.
According to a statement released by The Washington Post Company, Donald Graham, chairman and chief executive of The Washington Post Company, said “I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post (after a transaction that would be in the best interest of our shareholders).”
The announcement stressed that Mr. Bezos would purchase The Post in a personal capacity, and not on behalf of Amazon, the Internet retailer.