updated 04:50 pm EDT, Mon August 5, 2013
Amazon has no role in the sale of the old media company
Amazon CEO Jeff Bezos has agreed to purchase the Washington Post. The Amazon executive will pay $250 million in cash 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. Ironically, Amazon may have had a role in the slow decline of the paper's financial condition thanks to its web services business, which hosts many online news sites. 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.
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."