Washington Post to be sold to Jeff Bezos, the founder of
Amazon
By Paul
Farhi, Published: August 5, 2013
The Washington Post Co. agreed Monday to sell
its flagship newspaper to Amazon.com founder and chief executive Jeffrey P.
Bezos, ending the Graham family’s stewardship of one of America’s leading news
organizations after four generations.
Bezos, whose entrepreneurship has made him one
of the world’s richest men, will pay $250 million in cash for The Post and affiliated publications to The Washington Post Co., which owns the newspaper and other businesses.
Seattle-based Amazon will have no role in the purchase; Bezos himself will buy the
news organization and become its sole owner when the sale is completed,
probably within 60 days. The Post Co. will get
a new, still undecided name and continue as a publicly traded company without
the newspaper.
The deal represents a sudden and stunning turn
of events for The Post, Washington’s leading newspaper for decades and a
powerful force in shaping the nation’s politics and policy. Few people were
aware that a sale was in the works for the paper, an institution that has
covered presidents and local communities and gained worldwide attention for its
stories about the Watergate scandal and, in June, disclosures about National Security Agency surveillance programs…
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