Bezos Buys Washington Post for $250 Million

[WestVirginiaRebel]

Wall Street Journal:

Jeff Bezos, the founder and chief executive of Amazon.com Inc., AMZN -1.06% is buying the Washington Post Co.'s WPO +1.56% flagship newspaper and some related publishing assets for $250 million.

 

Mr. Bezos is buying the publishing business as an individual, and not in his capacity as CEO of Amazon, according to the announcement.

 

Washington Post Chairman and CEO Donald E. Graham said the company decided to sell the business "only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post."

 

Mr. Bezos's "technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post," Mr. Graham said in the prepared statement.

 

"I understand the critical role the Post plays in Washington, D.C., and our nation, and the Post's values will not change," said Mr. Bezos.

 

In a note to Washington Post employees posted on the paper's website, Mr. Bezos said, "The paper's duty will remain to its readers and not to the private interests of its owners. We will continue to follow the truth wherever it leads, and we'll work hard not to make mistakes. When we do, we will own up to them quickly and completely."

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Junk sale.