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Business News Sourced Wired

Amazon founder buys Washington Post for $250million

Sydney, Aug.6 (ANI): Amazon founder Jeff Bezos has reportedly acquired The Washington Post inclusive of its assets and its flagship daily newspaper for 250 million US dollars.

According to the Sydney Morning Herald, Bezos has purchased the company as an individual and Amazon is not involved.

Washington Post chairman and chief executive Donald Graham whose family owns the paper said that he along with the board of directors have decided to sell the paper after years of familiar newspaper-industry challenges.

As newspapers are facing unprecedented challenges with declines in advertising revenue and readership, there have been more of such acquisitions now-a-days and recently the New York Times sold the Boston Globe newspaper for just $US70 million to the owner of the Boston Red Sox baseball team.

Bezos in his letter posted on the Washington Post’s website said that the values of the paper do not need changing and its duty will remain to its readers and not to the private interests of its owners.

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, the report added. (ANI)