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Business

Amazon founder to buy Washington Post for $250m

Text by FRANCE 24

Latest update : 2013-08-06

Amazon founder Jeff Bezos announced on Monday that he will buy the struggling Washington Post newspaper for $250 million. Bezos said in a statement that he understands the Post's "critical role" in Washington and that its values won't change.

Amazon founder Jeff Bezos will buy the struggling Washington Post newspaper from longtime owner the Graham family for $250 million, the Post announced Monday.

Bezos is making the purchase as an individual and Amazon is not involved, the Post said. The deal involves only the newspaper assets of the Washington Post Co., which also owns the Kaplan testing company and other units.

“Every member of my family started out with the same emotion — shock — in even thinking about” selling The Post, CEO Donald Graham, said in a statement on the newspaper's website.

“But when the idea of a transaction with Jeff Bezos came up, it altered my feelings.”

He added: “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.”

Bezos said in a statement that he understands the Post's "critical role" in Washington and that its values won't change.

(FRANCE 24 with wires)

Date created : 2013-08-05

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