Amazon CEO and founder Jeff Bezos has flipped the tables on the print industry yet again, this time by acquiring The Washington Post. Bezos made his fame by creating Amazon, which is arguably one of the most influential companies in the eBook space. Now we’ll see what he has in store for the national newspaper.
Bezos reportedly spent $250 million in cash for The Washington Post. The news outlet confirmed its own acquisition on Monday afternoon. Bezos will become the sole owner of the news outlet in 60 days following the completion of the sale, The Washington Post said. The parent company “The Post Co.” will change its name, though it’s unclear what that will be at this time. To be clear, Bezos isn’t buying the entirety of The Washington Post Company, which oversees Slate, Kaplan, Foreign Policy, and other publications and brands, but the newspaper publisher itself.
“Every member of my family started out with the same emotion—shock—in even thinking about” Post Co.’ CEO Donald Graham said. “But when the idea of a transaction with Jeff Bezos came up, it altered my feelings. The Post could have survived under the company’s ownership and been profitable for the foreseeable future. But we wanted to do more than survive. I’m not saying this guarantees success but it gives us a much greater chance of success.
The Washington Post reportedly used “extraordinary secrecy” when it was seeking a potential buyer, though did not say who else may have expressed interest. For an informative history on the newspaper and additional details on the acquisition be sure to hit the source link below.