Monday, August 05, 2013

Jeffrey P. Bezos to Buy The Washington Post for $250M

Wow, they're dropping like flies. Another media family dynasty is broken up. Will the Sulzbergers cave next?
The Washington Post Company announced today that it has signed a contract to sell its newspaper publishing businesses, including The Washington Post newspaper, to Jeffrey P. Bezos.  
The purchaser is an entity that belongs to Mr. Bezos in his individual capacity and is not, Inc.  
“Everyone at the Post Company and everyone in our family has always been proud of The Washington Post — of the newspaper we publish and of the people who write and produce it,” said Donald E. Graham, Chairman and CEO of The Washington Post Company. “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). Jeff Bezos’ proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post.”  
“I understand the critical role the Post plays in Washington, DC and our nation, and the Post’s values will not change,” said Mr. Bezos. “Our duty to readers will continue to be the heart of the Post, and I am very optimistic about the future.”  
Mr. Bezos has asked Katharine Weymouth, CEO and Publisher of The Washington Post; Stephen P. Hills, President and General Manager; Martin Baron, Executive Editor; and Fred Hiatt, Editor of the Editorial Page to continue in those roles. “With Mr. Bezos as our owner, this is the beginning of an exciting new
I'd say $250 million was a steal -- it comes with my brother!

1 comment:

Dan of DC said...

a shocker for sure. never thought I would see this in writing. KatherineG is turning over up there for sure....