Amazon CEO Jeff Bezos has agreed to purchase the Washington Post. The Amazon executive will pay $250 million for the paper and all of the associated publications.
Amazon itself isn’t involved in the purchase, with Bezos becoming the sole owner when the sale is completed, following regulatory approvals.
The sale was reported by the Washington Post itself. The Washington Post has suffered a 44 percent decline in operating revenue over the last six years, with declining circulation year after year. The online division is one of the most popular news sources online.
The Post over the year has broken such stories as the Watergate scandals and, in May, the National Security Agency’s surveillance program.
Washington Post holding company CEO Donald Graham said of the sale that “every member of my family started out with the same emotion — shock — in even thinking about selling, but when the idea of a transaction with Jeff Bezos came up, it altered my feelings.” The Post has been controlled by the Graham family for four generations. The Washington Post Co. will be rename after the sale is final.
