The surprise deal follows the New York Times Co’s sale of the Boston Globe for $70 million, and is a further indication of the unprecedented challenges newspapers face as advertising revenue and readership declines.
Washington Post Chairman and Chief Executive Donald E. Graham, whose family owns the paper, said it would be better served with another owner.
“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,” Graham said.
“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.”
Bezos, who has built Seattle-based Amazon.com into a shopping and online technology force over the last two decades, made a small foray into media earlier this year with a small investment in internet news site Business Insider.
In a letter published on the Washington Post’s website, Bezos, promised no radical change.
“The values of The Post do not need changing,” Bezos wrote. “The paper’s duty will remain to its readers and not to the private interests of its owners.
Amazon.com is to be kept separate from the Post deal, according to the Washington Post.
The transaction covers The Washington Post and other publishing businesses, including the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing. DM
Photo: Jeff Bezos (Reuters)
Watch Pauli van Wyk’s Cat Play The Piano Here!
No, not really. But now that we have your attention, we wanted to tell you a little bit about what happened at SARS.
Tom Moyane and his cronies bequeathed South Africa with a R48-billion tax shortfall, as of February 2018. It's the only thing that grew under Moyane's tenure... the year before, the hole had been R30.7-billion. And to fund those shortfalls, you know who has to cough up? You - the South African taxpayer.
It was the sterling work of a team of investigative journalists, Scorpio’s Pauli van Wyk and Marianne Thamm along with our great friends at amaBhungane, that caused the SARS capturers to be finally flushed out of the system. Moyane, Makwakwa… the lot of them... gone.
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So, if you feel so inclined, and would like a way to support the cause, please join our community of Maverick Insiders.... you could view it as the opposite of a sin tax. And if you are already Maverick Insider, tell your mother, call a friend, whisper to your loved one, shout at your boss, write to a stranger, announce it on your social network. The battle for the future of South Africa is on, and you can be part of it.
The originator of the Big Bang Theory was a Catholic priest.