Jeff Bezos, CEO and founder of Amazon, has bought the Washington Post for $US250 million.
The newspaper’s website is carrying a story with details of the deal, which will include the Post and some of its affiliated publications, including El Tiempo Latino, the Express newspaper and The Gazette Newspapers.
The deal was made personally by Bezos — Amazon was not involved. The news organisation had previously been owned by the Graham family for four generations.
“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,” Donald Graham said in an interview with the Post.
In a letter to the employees also published by the Post, Bezos says he won’t be “leading the Washington Post day-to-day” and that the Post’s current leadership team will be staying on.
Read Jeff Bezos’ letter to Washington Post employees
The deal does not include the Washington Post Company’s non-publication assets, such as Kaplan, Post — Newsweek Stations and Cable ONE. It also will not include certain publications, including Slate magazine, TheRoot.com and Foreign Policy.
The Washington Post Company will change its name and continue as a publicly-traded company under another name.
This post will be updated as we find out more…
Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.
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