Jeff Bezos, founder of Amazon, has agreed to buy the Washington Post newspaper and other assets from Washington Post Co. for $250 million.
According to Reuters, Washington Post Chairman and CEO Donald E, Graham 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.”
He added, “Jeff Bezos’ proven technology and business genius, his long-term approach and his personal decency make him a uniquely good owner for the Post.”
The Washington Post notes that Bezos personally purchased the newspaper and assets, not Amazon.
The sale came as a shock for many. “Every member of my family started out with the same emotion – shock – in even thinking about selling The Post,” Graham said in an interview.
In addition to the Post, the sale includes other newspapers, including Southern Maryland Newspapers, Fairfax County Times and Greater Washington Publishing.
The sale of the Post follows on the heels of another high profile newspaper sale. Last week, the New York Times Co. sold off the Boston Globe for $70 million as flagging readership and ad revenues continue to decline.
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