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Amazon's Founder Buys The Washington Post

Daniel Graham (CEO of the Post):

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).

The Washington Post and other newspaper assets have been acquired for $250 million by Jeff Bezos –founder of Amazon– as a consequence of the financial crisis.

Jeff Bezos on Post purchase:

The values of The Post do not need changing. The paper’s duty will remain to its readers and not to the private interests of its owners.

There will, of course, be change at The Post over the coming years. That’s essential and would have happened with or without new ownership. The Internet is transforming almost every element of the news business.

August 6, 2013